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Apr, 07 2018

Wipro sells 63% stake in airport IT services to Antariksh Softtech

Wipro Airport IT will continue to outsource IT services of the airport to Wipro as per the existing arrangement.

Wipro sells 63% stake in airport IT services to Antariksh Softtech

The third largest software services of the country, Wipro India's has confirmed to sell 63% of its stake in Wipro Airport IT to Antariksh Softtech in a Rs 3.15 crore deal.

Wipro Airport IT Services Ltd is a joint venture (JV) between Wipro (74%) and Delhi International Airport Ltd or DIAL that held 26% stake. It provides various IT services at the Indira Gandhi International Airport in New Delhi.

Wipro in a regulatory filing said, "Wipro Ltd has sold 63% of its stake in Wipro Airport IT to Antariksh Softtech as part of divestiture of the subsidiary. DIAL is considering expansion of the airport and procuring more assets under the JV.”

“The parties have mutually agreed to introduce a third party (Antariksh Softtech) into the JV, with reduction of stake by Wipro. Consequent to the sale, Wipro now holds 11% stake in Wipro Airport IT," it said.

Wipro Airport IT will continue to outsource IT services of the airport to Wipro as per the existing arrangement. The consideration received from the sale is Rs 3.15 crore and the deal was completed on April 5, it added.

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