HCL Technologies fully acquires two UK firms for nearly Rs 78 crore

IT major HCL Technologies on Wednesday has announced the acquisition of UK's Point to Point and Point to Point Products for GBP 8 million (nearly Rs 78 crore).

The company has also fully acquired HCL Training and Staffing Services (HCLTSS) for Rs 2.35 crore.

In a BSE filing, HCL Technologies announced "acquisition of 100% 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".

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It further said it has also fully acquired its promoter group firm HCL Training and Staffing Services Private Ltd (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.

At 1240 hours, the stock of HCL Technologies was trading up 0.02% or Rs 0.20 at Rs 840.15 intraday on the BSE.