HCL Infosystems buys 20% stake in Dubai's Techmart Telecom

The IT hardware provider HCL Infosystems Ltd said on Thursday it will buy a 20% stake in Dubai's Techmart Telecom Distribution FZCO in a bid to expand in the Middle East.

HCL Infosystems will have the option of buying up to 51% equity stake in Techmart Telecom, the company said in a statement.                          

Techmart is a partner of Nokia Corp and the agreement has been signed between Techmart Telecom Distribution FZCO and HCL Infosystems’ Singapore-based special purpose vehicle, and the latest deal will help HCL Infosystems to expand its distribution tie-up with Nokia.