Business | Technology
Indian firm gains after stake in Dubai company
HCL pays $6.5m for 60% of NTS Group
- Gulf News Report
- Published: 00:00 July 10, 2010
Dubai: Indian computer maker and technology services provider HCL Infosystems rose 3.9 per cent to Rs117.35 (Dh8.78) on the Bombay Stock Exchange yesterday after it bought 60 per cent stake in Dubai-based NTS Group.
HCL said on Thursday it has agreed to pick up a 60 per cent stake in NTS Group for about $6.5 million. The acquisition will help HCL gain direct access to the Middle East and Africa to address system and service integration needs in the regions, the company said in a note to the exchange.
NTS provides computer hardware, enterprise software solutions, infrastructure and networking solutions, e-security solutions and web development services. It has over 100 technology and support employees in the UAE, the filing said.
Through the acquisition, HCL seeks to expand its reach to large clients in the Middle East such as etisalat, Emaar, Emirates, Etihad Airways, Doha Bank and Dubai Police, it said. With majority stake in the company, NTS will be renamed HCL Infosystems.
"The acquisition is part of our strategy to go global. Although we have a small presence in the Middle East and African markets currently, NTS will become our beachhead in addressing these markets on a larger scale," said HCL Infosystems' executive vice-president George Paul.
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