HCLTech Divests 49% Stake in JV with State Street

New Delhi, Apr 2 (PTI) HCL Technologies' step-down wholly-owned subsidiary HCL Investments UK has entered into a pact with US company and joint venture partner State Street International Holdings to divest its entire 49 per cent holding in their JV, according to a filing.

The proceeds received by HCL UK, for divestment of the JV, termination of agreement for related services and settlement of certain contractual commitments, is USD 172.5 million in addition to net book value on the completion date (less applicable withholding tax), HCLTech said in a BSE filing.

The transaction was completed effective April 1, 2024.

HCL Technologies' step-down wholly-owned subsidiary HCL Investments UK will divest its entire 49 per cent holding in a JV it has with US company State Street International Holdings, as per the filing.

"HCL Investments UK Ltd, a company incorporated in the UK and a step-down wholly owned subsidiary of the company, has entered into a Memorandum of Understanding with its Joint Venture (JV) partner, State Street International Holdings, a US corporation," it said.

Pursuant to this, "HCL UK would divest its entire 49 per cent equity stake in the JV pursuant to the call option exercised by State Street in accordance with the agreement that was entered into between the parties at the time of the formation of the JV," it said.