Upon listing, Happiest Minds-ITC Infotech combo expected to be valued at ₹18,000 crore
Happiest Minds and ITC Infotech are merging to create an AI-first technology services enterprise valued at ₹18,000 crore. The deal involves a minority stake acquisition and is expected to scale the combined entity's revenue significantly by 2028.
Why it matters
This merger represents a major consolidation in the Indian IT services sector, focusing on AI capabilities and global market expansion.
Upon listing, Happiest Minds-ITC Infotech combination is expected to be valued at ₹18,000 crore: the combined market value of (standalone equity/enterprise value) ITC Infotech is calculated at ₹12,000 crore while, Happiest Minds is pegged at ₹6,167 crore, according to an independent enterprise valuation report jointly prepared by PwC and Grant Thornton.
Ashok Soota-promoted Happiest Minds Technologies Limited, had on August 31 signed a definitive agreement to combine its business with ITC Infotech India Limited, to create a scaled, AI-first global technology services enterprise with an annual revenue of ₹8,000 crore by FY 2028.
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