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Aug 09, 2012, 03.12 PM IST
IT hardware company HCL Infosystems today said it has bought out the remaining 40 per cent stake in Dubai-based IT services and solutions provider HCL Infosystems MEA.
To expand its global footprint in the Middle East and African market, HCL Infosystems had acquired 60% stake in Dubai-based NTS Group in 2010 and renamed it as HCL Infosystems MEA.
The company acquired the stake through its Singapore subsidiary and now HCL Infosystems MEA is a wholly-owned subsidiary of HCL Infosystems, it said in a statement.
The company, however, did not share financial details of the deal.
"This buyout will put us in a stronger footing in the Middle East market and enable us to quickly expand our business in the region," HCL Infosystems MEA CEO Shivkumar Gopal said in a statement.
"The acquisition is in line with company's strategy to accelerate growth in targeted international markets by offering a complete set of products, service and solutions," HCL Infosystems EVP (Marketing, Strategy and Business Development) Rothin Bhattacharya said.
He added that the company is building out its portfolio to offer more solutions including IT hardware, software products and services to customers in Middle East and Africa.
Middle East region continues to be a high growth area for HCL Infosystems.
The company had also launched its operations in Qatar through a tie-up with Dyarco International WLL, a business consultancy and subsidiary of Al Faisal Holdings in April 2012.
It further expanded its operations in Qatar by partnering with technology solutions provider Consolidated Gulf (CGC), to make available HCL products in the region.
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