IT services firm, HCL Infosystems Ltd. will sell its Singapore-based subsidiary to Hong Kong-based firm, PCCW Solutions Ltd. to decrease its debt, according to a media report.
HCL Infosystems will sell HCL Insys Pte. Ltd to PCCW Solutions Ltd, the flagship company of the IT-to-telecom PCCW Group, HCL Infosystemss Indian division said in its statement, as reported by the daily news, VC Circle.
The transaction will exclude 2 parts of operations from HCL Infosystems that is, its business in Singapore and Nurture Technologies FZE, which possesses remaining assets to HCLs Middle East operations.
The transaction sum is related to the valuation of HCL Infosystems, which is INR 215 crore on cash-free as well as debt basis, according to the cited report.
It is anticipated that the deal will close in six months and needs to get business-related benchmarks, incorporating consent from HCL stakeholders and relatable authorities.
As per HCL Insys LinkedIn page, the company has a headcount of 600 in Singapore. It offers IT services in the storage, networking and security segments, etc.
On the other hand, PCCW Solutions has 11 bureaus throughout Asia, encompassing nations like Singapore, China, and Taiwan. The company helps enterprises to adopt digital processes. Further, it supplies as well as manages IT systems for the public sector, as per PCCW Solutions website.