Mergers and Acquistions News
Categories: Telecoms
December 30th 2010, 16:39PM
HCL Infosystems Ltd, an Indian provider of hardware, services and ICT systems, will acquire a 20 per cent stake in Dubai-based Techmart Telecom Distribution FZCO, the distributor for Nokia's smartphones in the Middle East and Africa.
The deal is part of HCL's expansion into the two regions.
In addition to the equity stake, HCL has also agreed to provide Techmart with consultancy and operational services, helping to leverage its expertise in telecoms.
HCL has the largest vertically integrated computer manufacturing base in India.
"We have taken another step in further expanding into emerging markets of Middle East and Africa. This move would strengthen our footprint in the Middle-East and African countries," Harsh Chitale, chief executive officer of HCL who joined in October this year, said.
As part of the agreement, HCL also has the option to acquire up to 51 per cent of equity in Techmart.
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