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Home / Business / Quess Corp to buy Rs 208 crore stake in Conneqt Business Solutions from Tata Sons Quess Corp to buy Rs 208 crore stake in Conneqt Business Solutions from Tata Sons With this transaction, Conneqt will become a wholly-owned subsidiary of Quess, the company informed
Business service provider Quess Corp on Friday said it will acquire the remaining 30 per cent equity stake in Conneqt Business Solutions from Tata Sons for Rs 208 crore.
With this transaction, Conneqt will become a wholly-owned subsidiary of Quess, the company added.
“This will accelerate Conneqt’s transition to non-voice services,” said Suraj Moraje, group CEO and managing director of Quess Corp.
Read more about Quess Corp to acquire remaining 30% stake in Conneqt from Tata Sons on Business Standard. Business services provider Quess Corp on Friday said it will acquire the remaining 30 per cent equity stake in Conneqt Business Solutions Ltd from Tata Sons for Rs 2.08 billion
PTI | Bengaluru | Updated: 16-04-2021 10:05 IST | Created: 16-04-2021 10:05 IST
Bengaluru-headquartered business services provider Quess Corp announced on Fridaythe acquisition of 30 per cent stake in Conneqt Business Solutions Ltd (Conneqt) for Rs 208 crore, pursuant to the Put Option notice by Tata Sons Pvt. Ltd.
With this transaction, Conneqt will become a wholly owned subsidiary of Quess.
Conneqt is a leading CLM and BPM services provider in India and operates 21-plus delivery centres with more than 29,000 employees, a Quess statement said.
Quess had acquired 51 per cent of Conneqt in November 2017 and further increased its stake in Conneqt to 70 per cent in May 2019 via infusion of primary capital, which was used to fund the acquisition of Allsec Technologies Limited ( Allsec ), a listed CLM and HRO services provider, it said.
Quess acquires residual 30% stake in Conneqt from Tata Sons
By IANS |
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Quess acquires residual 30% stake in Conneqt from Tata Sons. Image Source: IANS News
New Delhi, April 16 : Quess Corp has announced the acquisition of the remaining 30 per cent stake in Conneqt Business Solutions Ltd for Rs 208 crore, pursuant to the put option notice by Tata Sons Pvt Ltd.
In a statement Quess said that with this transaction, Conneqt will become its wholly owned subsidiary.
Quess had acquired 51 per cent of Conneqt in November 2017 and further increased its stake in Conneqt from 51 per cent to 70 per cent in May 2019 through infusion of primary capital, which was used to fund the acquisition of Allsec Technologies Limited.
Conneqt deal will be cash & EBITDA-accretive for Quess Corp, says CFO
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Quess Corp, talks about the Conneqt acquisition deal and about the overall India business & jobs scene in the wake of the second wave. Edited excerpts from his interview with ET Now:
Shed some light on the details of Quess Corp s deal with Conneqt