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The Economic Times
The Economic Times

ITC Infotech to acquire 22.1% stake in Happiest Minds for Rs 1,330 crore; firms to merge

Happiest Minds ITC Infotech ITC Ashok Soota ET ITC Ltd

Cigarette-to-hotels conglomerate ITC Ltd said Monday that its wholly owned subsidiary ITC Infotech will acquire Bengaluru-based listed software services firm Happiest Minds Technologies, in a significant consolidation move in India’s IT industry, which is undergoing a reset amid the emergence of artificial intelligence (AI).

ET had first reported on March 20 about ITC Infotech potentially looking to pick a stake in Happiest Minds. On August 29, ET reported details of the proposed transaction, including a merger through a share swap that will effectively result in the backdoor listing of ITC Infotech.

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