HCL Infosystems sold its Singapore unit

Information technology services company HCL Infosystems Ltd has sold its Singapore subsidiary by the title HCL Insys Pte. Ltd ,which employs around 600 people in Singapore. It has sold to a Hong Kong-based company as part of efforts to monetise its assets and reduce debt.

HCL Infosystems will sell HCL Insys Pte. Ltd to PCCW Solutions Ltd, of the PCCW Group. The deal will exclude two parts of HCL Insys’ operations: its trading business in Singapore and Nurture Technologies FZE, which holds residual assets relating to HCL’s Middle East operations.

The deal of HCL Insys, is about SGD 42 million Rs 215 crore at current exchange rates) on a debt- and cash-free basis. The transaction is expected to close within six months, and is subject to certain business-related benchmarks, including approvals from HCL shareholders and the relevant authorities.

HCL Insys Pte. Ltd provides IT services in the computing, storage, networking and security segments, among others. Whereas, PCCW Solutions has 11 offices across Asia, including Singapore, the Philippines, Taiwan and mainland China.

PCCW Solutions helps enterprises accelerate their switch to digital processes. It also supplies and maintains critical IT systems for the public sector.