HCL Technologies fully acquires UK firm and promoter group company

NEW DELHI: IT major HCL Technologies Ltd today announced acquisition of UK's Point to Point Ltd and Point to Point Products Ltd for GBP 8 million (approx Rs 78 crore).

The company also fully acquired HCL Training and Staffing Services Private Ltd for Rs 2.35 crore.

In a BSE filing, HCL Technologies announced "acquisition of 100 per cent stake in Point to Point Ltd and Point to Point Products Ltd (jointly referred to as P2P), the companies incorporated in the UK and being a niche provider of complex workplace engineering services in the UK, for cash of GBP 8 million".

It further said it has also fully acquired its promoter group firm HCL Training and Staffing Services Private Limited ( HCLTSS), a company incorporated in India, engaged in the business of rendering of training in IT and ITeS."

"This acquisition will enable HCL Technologies Ltd to supplement hiring of trained resources... The transaction is being done at a cash consideration of Rs 2.35 crore," the company added.

The stock of HCL Technologies was trading at Rs 833.50 apiece, down 0.77 per cent, on BSE.