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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
Written By: PTI
Updated: Fri, Apr 06, 2018
08:28 pm
New Delhi, PTI
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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.