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From News Desk

Happiest Minds Technologies has announced the signing of definitive agreements to combine its business with ITC Infotech India, creating a scaled AI First global technology services enterprise.

The proposed combination brings together two organisations with a common vision of helping enterprises accelerate AI led transformation. The combined company will unite Happiest Minds’ strengths in AI, digital engineering, Cloud, data, analytics and cybersecurity with ITC Infotech’s deep expertise in enterprise transformation, SAP, Product Lifecycle Management (PLM), Cloud, Industry 4.0 and industry-specific technology solutions.

As part of the transaction, ITC Infotech will acquire an aggregate minority stake of ~22.1% in Happiest Minds from the Promoter and Promoter entities across two tranches for a total consideration of Rs 1,330 Cr (average price of ~Rs 395/share). Further, the proposed merger will be effected through a share swap, pursuant to which equity shareholders of Happiest Minds will receive 25 shares of ITC Infotech for every 81 shares of Happiest Minds held by them. ITC Limited will be the promoter of the merged company, with a ~73.4% stake.

The proposed merger is subject to the satisfaction of customary statutory, shareholder and regulatory approvals, including approvals from the Competition Commission of India, the relevant stock exchanges and the National Company Law Tribunal. The companies expect the transaction to be completed over the next 15 months and will continue to operate independently until all approvals have been obtained. The combined company will be listed on relevant stock exchanges post receipt of all approvals.

Sanjiv Puri, Chairman, ITC Limited & ITC Infotech said, “Today marks an important milestone in the journey towards Happiest Minds becoming an integral part of ITC Infotech, subject to receipt of regulatory approvals. The coming together of our complementary strengths, deep domain expertise and future-ready capabilities will further enhance our ability to deliver cutting-edge solutions across geographies. I am particularly encouraged by the shared values, people and customer centricity that define our organisations. We look forward to the invaluable experience, expertise and dedication of the employees of Happiest Minds as we embark on this exciting new chapter.”

Joseph Anantharaju, co-chairman & CEO, Happiest Minds said, “The merger of Happiest Minds and ITC Infotech brings together complementary strengths towards creating a future-ready technology services organization. Combining our expertise across AI, digital, Cloud, data, cybersecurity, product engineering, and enterprise platforms with those of ITC Infotech in enterprise transformation, SAP, engineering services, Product Lifecycle Management (PLM) will enable us to deliver greater value to customers across geos and accelerate growth in high-demand industry groups. Beyond the strategic fit, this partnership is anchored in shared values, customer focus, and a commitment to innovation. Together, we are building a stronger platform for long-term growth and global scale.”

Venkatraman Narayanan, MD, Happiest Minds said, “This transaction reflects a shared commitment to strong corporate governance, financial prudence and long-term value creation. ITC Infotech brings the financial strength, scale and stability of ITC. Equally important to me has been the spirit in which discussions between our companies were conducted — candid, respectful and genuinely collaborative from the very first conversation. That reflects a shared culture of integrity and mutual respect. It gives me confidence that the people-centric values, entrepreneurial energy and customer-first mindset that define Happiest Minds will not just survive this integration, but thrive within a stronger, more resilient, and truly future-ready enterprise.”