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
RELATED NEWS
TCS to Infosys, HCL Tech to Wipro II Strong order book and Digital transformation opportunity big boost for IT sector, says Kotak Institutional Equities TCS to Infosys, HCL Tech to Wipro II Strong order book and Digital transformation opportunity big boost for IT sector, says Kotak Institutional Equities
Stock Market Today: Sensex, Nifty rise on strong global cues; BPCL, Infosys, Wirpo stocks gain Stock Market Today: Sensex, Nifty rise on strong global cues; BPCL, Infosys, Wirpo stocks gain
Anil Singhvi says stay invested in top IT stocks; Infosys and Wipro shares will stay strong Anil Singhvi says stay invested in top IT stocks; Infosys and Wipro shares will stay strong
Wipro Share price: Sharekhan maintains Buy rating with a revised price target of Rs 510 Wipro Share price: Sharekhan maintains Buy rating with a revised price target of Rs 510

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. 

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.