HCL acquires 20% equity stake in Techmart Telecom
HCL Infosystems, hardware, services and ICT system integration company, today announced the signing of the share purchase agreement (SPA) to acquire 20 percent equity stake in Techmart Telecom Distribution FZCO, a Dubai-based distributor for Nokia’s smartphones in the Middle East and Africa.
“We have taken another step in further expanding into emerging markets of Middle East and Africa. This move would strengthen our footprint in the Middle-East and African countries,” remarked Harsh Chitale, CEO, HCL Infosystems.
HCL Infosystems will be providing consultancy and operational services to Techmart Telecom, leveraging company’s expertise in the telecom distribution space, it informed.
“We are excited about our strategic association with HCL Infosystems who brings over a decade of expertise in the field of distribution,” commented M P Sharma, president, Techmart Telecom.
Together, HCL Infosystems and Techmart will now further focus on building distribution business to cater to the Middle East and African Market. The agreement also provides an option to HCL to acquire up to 51 percent of equity stake in Techmart Telecom Distribution FZCO, as informed by the company.
“HCL Infosystems is a key partner of Nokia globally and we look forward to work with them, in association with Techmart Telecom, in expanding our smartphone business in Middle East and Africa,” opined Chris Braam, VP-Sales Nokia MEA.
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