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HCL Tech Uk arm to ofload entire stake in State Street JV
05-Dec-23   15:27 Hrs IST

HCL Investments UK (HCL UK), a step-down wholly-owned subsidiary of HCL Technologies, entered into a memorandum of understanding (MoU) with its JV partner, State Street International Holdings (State Street), a US corporation, to discuss the modalities for State Street to exercise its right of call option in the JV.

The deal is worth $170 million plus the net book value on the date closing. The consideration includes amounts for transfer of shares and other components, HCLTech said.

?While the exercise of the call option and the overall consideration for the same has been agreed upon, the modalities / other terms & conditions to give effect to this transaction will be agreed upon between the parties in due course. The transaction is expected to be completed in the second calendar quarter of 2024,? HCL Tech stated in the press release.

HCL Technologies (HCL) empowers global enterprises with technology for the next decade, today. HCL offers its services and products through three business units: IT and Business Services (ITBS), Engineering and R&D Services (ERS) and Products & Platforms (P&P).

The IT major reported 8.43% rise in consolidated net profit to Rs 3,832 crore on 1.43% increase in revenue from operations to Rs 26,672 crore in Q2 FY24 over Q1 FY24.

Shares of HCL Technologies slipped 1.45% to end at Rs 1,317.30 on the BSE.

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