"The administration and investment committee has approved the acquisition of 30 per cent equity shares in Conneqt Business Solutions Ltd in lieu of Rs 208 crore from Tata Sons Pvt Ltd," Quess Corp said in a regulatory filing.
Business services provider Quess Corp on Friday said it will acquire the remaining 30 per cent equity stake in Conneqt Business Solutions Ltd from Tata Sons for Rs 208 crore.
“The administration and investment committee has approved the acquisition of 30 per cent equity shares in Conneqt Business Solutions Ltd in lieu of Rs 208 crore from Tata Sons Pvt Ltd,” Quess Corp said in a regulatory filing.
With this transaction, Conneqt will become a wholly-owned subsidiary of Quess, the company added.
Quess had acquired 51 per cent of Conneqt in November 2017, and further increased its stake in Conneqt from 51 per cent to 70 per cent in May 2019, via infusion of primary capital, which was used to fund the acquisition of Allsec Technologies Ltd.
Quess Corp said this investment will provide Quess full and complete ownership over Conneqt, allowing it to better realise synergies between its various divisions, Conneqt and Allsec. It will also strengthen Quess’ position to accelerate growth in the IT/ITES space,the company said.
“The consolidation of our holding in Conneqt is an affirmation of our continued commitment to Conneqt, its employees and customers.
“This will further accelerate Conneqt’s transition to non-voice services as the business benefits from the triple tailwinds of virtualisation, digitisation, and automation while providing more opportunities to realise synergies with Quess,” said Suraj Moraje, Group CEO and Managing Director of Quess Corp.