Wipro Sells 63% Stake in Airport IT Services Joint Venture

Written By: Staff
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India's third largest software services firm Wipro said on Friday that it has sold 63 per cent of its stake in Wipro Airport IT to Antariksh Softtech in a Rs 3.15 crore deal.

Wipro Sells 63% Stake in Airport IT Services Joint Venture

Wipro Airport IT Services Ltd is a joint venture (JV) between Wipro (74 per cent) and Delhi International Airport Ltd or DIAL that held 26 per cent stake. It provides various IT services at the Indira Gandhi International Airport in New Delhi.

"Wipro Ltd has sold 63 per cent of its stake in Wipro Airport IT to Antariksh Softtech as part of divesture of the subsidiary. DIAL is considering expansion of the airport and procuring more assets under the JV," Wipro said in a regulatory filing. It added that the parties have mutually agreed to introduce a third party (Antariksh Softtech) into the JV, with reduction of stake by Wipro. "Consequent to the sale, Wipro now holds 11 per cent stake in Wipro Airport IT," it said.

Wipro Airport IT will continue to outsource IT services of the airport to Wipro as per the existing arrangement. The consideration received from the sale is Rs 3.15 crore and the deal was completed on April 5, it added.

Source: PTI

Read more about: wipro
Story first published: Saturday, April 7, 2018, 14:10 [IST]
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