Expands global distribution footprint in the emerging markets of Middle-East and Africa
HCL Infosystems, a provider of hardware, services and ICT system Integration services, has signed a Share Purchase Agreement (SPA) to acquire 20% equity stake in Techmart Telecom Distribution FZCO, a Dubai-based partner of Nokia through its Singapore-based SPV.
HCL Infosystems said that in addition to the 20% equity stake, it would also provide consultancy and operational services to Techmart Telecom.
Through this acquisition, HCL Infosystems will expand its global distribution footprint in the emerging markets of Middle-East and Africa.
The companies said they will focus on building distribution business to cater to the Middle East and African Market and this agreement would also provide an option to HCL to acquire upto 51% of equity stake in Techmart Telecom Distribution FZCO.
HCL Infosystems CEO Harsh Chitale said the company has taken another step in further expanding into emerging markets of Middle East and Africa and this move would strengthen their footprint in the Middle-East and African countries.
Techmart Telecom president M P Sharma said they were excited about their strategic association with HCL Infosystems which brings over a decade of expertise in the field of distribution and they look forward to working closely with HCL Infosystems in growing the Nokia smartphones business in the region.