Two Hinduja Group companies have made moves in the information technology sector, with one buying out its partner from a joint venture and the other reportedly drawing up plans to divest a part of a high-performing unit.
Ashok Leyland Ltd, the multinational automobile firm that is the flagship of the group, is acquiring the 38% stake held by Nissan International in Hinduja Tech Ltd for Rs 70 crore (around $9.7 million).
Hinduja Tech, which is an information technology (IT) firm, reported consolidated revenues of Rs 226 crore for the 2019-20 financial year. Nissan had purchased 38% stake in the company for an undisclosed sum in 2014.
Shares of Ashok Leyland were 0.83% up at Rs 128.1 apiece at the time of writing this report. The company reported consolidated net sales of Rs 21,950 crore and post-tax profit of Rs 460 crore for 2019-20.
Meanwhile, The Economic Times reported that Hinduja Global Solutions Ltd has drawn up plans to sell a significant minority stake in its healthcare outsourcing division.
The company has reached out to marquee private equity investors such as Apax Partners, Blackstone, Baring PE Asia, Carlyle, and Warburg Pincus, the report said, citing several people aware of the development.
Hinduja Global is the IT services arm of the Hinduja Group; the healthcare division accounts for nearly 55% of the firm’s revenues, the report added. Hinduja Global reported consolidated net sales of Rs 4,986 crore and post-tax profit of Rs 205.6 crore for the previous financial year.
Shares of the firm were 0.16% down at Rs 1,168 apiece at the time of writing this report.