Hinduja Global Solutions to sell optical fibre assets to subsidiary IMCL Solutions for ₹208 crore

Business process management firm Hinduja Global Solutions Ltd on Friday (March 22) said it has entered into an agreement to sell its optical fibre assets to its subsidiary, Indusind Media and Communications Ltd (IMCL), for ₹208.04 crore.

"...we have to inform you that Hinduja Global Solutions Limited (‘the Company’ or ‘HGSL’) has entered into an agreement to sell Optical fibre assets of the company to Indusind Media and Communications Limited (‘IMCL’), a subsidiary of the Company, for a consideration of ₹208.04 crore," according to a stock exchange filing.

IMCL is a subsidiary of HGSL, with HGSL holding a 77.55% share capital in IMCL, making it a related party. Although the transaction is considered a related party transaction, it is being conducted on an arm's length basis. An independent valuation report was obtained to ensure a fair transaction, the company added.