HCL Info to buy 20 p.c stake in Dubai-based firm

MUMBAI, INDIA: Hardware, services and ICT system integration company HCL Infosystems Limited today announced the signing of the Share Purchase Agreement (SPA) to acquire 20 per cent equity stake in Techmart Telecom Distribution FZCO, a Dubai-based partner of Nokia Corporation, through its Singapore-based SPV.

In addition to the 20 per cent equity stake, HCL Infosystems will be providing consultancy and operational services to Techmart Telecom, leveraging the company’s expertise in the telecom distribution space, HCL Info said in a statement.

Techmart Telecom is the distributor for Nokia's smartphones in the Middle East and Africa. With this strategic development, HCL Infosystems will now expand its global distribution footprint in the emerging markets of Middle-East and Africa.

Said Harsh Chitale, CEO, HCL Infosystems, “We have taken another step in further expanding into emerging markets of Middle East and Africa. This move would strengthen our footprint in the Middle-East and African countries.”

M P Sharma, President, Techmart Telecom said they are excited about the strategic association with HCL Infosystems. “We look forward to work closely with HCL Infosystems in growing the Nokia smartphones business in the region,” he added. Together, HCL Infosystems and Techmart will now further focus on building distribution business to cater to the Middle East and African Market. The agreement also provides an option to HCL to acquire up to 51 per cent of equity stake in Techmart Telecom Distribution FZCO.