HCL Infosystems scraps sale deal with Axis Investment

The acquisition value was 4.12 million dirham, including borrowings of HCL MEA of 2.42 million dirham that was to be taken over by the buyer.

Published: 16th April 2018 06:32 PM  |   Last Updated: 16th April 2018 06:32 PM   |  A+A-

HCL Infosystems today said it has decided to terminate the deal with Axis Investment Incorporated to sell its subsidiary. (File | Reuters)

By PTI

NEW DELHI: HCL Infosystems today said it has decided to terminate the deal with Axis Investment Incorporated to sell its subsidiary.

"The closure of transaction was subject to certain conditions precedent as specified in the Share Purchase Agreement (SPA). Since the buyer has failed to pay the consideration, which is a breach of warranty, HCL Insys has decided to terminate the SPA," the IT firm said in a regulatory filing.

In February, HCL Infosystems had said HCL Insys, Singapore will sell its entire investments in subsidiary -- HCL Infosystems MEA FZE along with step down subsidiary of HCL MEA to Axis Investment Incorporated.

The acquisition value was 4.12 million dirham, including borrowings of HCL MEA of 2.42 million dirham that was to be taken over by the buyer.

 

Stay up to date on all the latest Business news with The New Indian Express App. Download now
(Get the news that matters from New Indian Express on WhatsApp. Click this link and hit 'Click to Subscribe'. Follow the instructions after that.)

Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp