Business providers supplier Quess Corp on Friday mentioned it should purchase the remaining 30 per cent fairness 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 mentioned in a regulatory submitting.
With this transaction, Conneqt will change into a wholly-owned subsidiary of Quess, the corporate added.
Quess had acquired 51 per cent of Conneqt in November 2017, and additional elevated its stake in Conneqt from 51 per cent to 70 per cent in May 2019, by way of infusion of major capital, which was used to fund the acquisition of Allsec Technologies Ltd.
Quess Corp mentioned this funding will present Quess full and full possession over Conneqt, permitting it to higher realise synergies between its numerous divisions, Conneqt and Allsec. It may also strengthen Quess’ place to speed up development within the IT/ITES area, the corporate mentioned.
“The consolidation of our holding in Conneqt is an affirmation of our continued dedication to Conneqt, its workers and prospects.
“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,” mentioned Suraj Moraje, Group CEO and Managing Director of Quess Corp.
