Wipro sells 63% stake in airport IT services JV to Antariksh Softtech

"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.

Wipro sells 63% stake in airport IT services JV to Antariksh Softtech
Wipro Airport IT will continue to outsource IT services of the airport to Wipro as per the existing arrangement. Image source: Reuters
By PTI
Updated: Fri, Apr 06, 2018
08:28 pm
New Delhi, PTI
RELATED NEWS
Wipro Q4 adds to profit, but growth lags Infosys, TCS; Should you buy this Azim Premji led company's stock? Wipro Q4 adds to profit, but growth lags Infosys, TCS; Should you buy this Azim Premji led company's stock?
Wipro to buy back 323 mn shares for Rs 10,500 cr Wipro to buy back 323 mn shares for Rs 10,500 cr
Wipro investigating potential breach of few employee accounts by Wipro investigating potential breach of few employee accounts by "advanced phishing campaign", ropes in forensic firm
Premjis to participate in Wipro’s Rs 10,500 crore share buyback: This is how much stake they hold Premjis to participate in Wipro’s Rs 10,500 crore share buyback: This is how much stake they hold

India's third largest software services firm Wipro today said it has sold 63 per cent of its stake in Wipro Airport IT to Antariksh Softtech in a Rs 3.15 crore deal. 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.