HCL Infosystems to acquire 20% equity stake in Techmart Telecom of Dubai

HCL Infosystems Limited, India's premier hardware, services and ICT system Integration Company, today announced the signing of the Share Purchase Agreement (SPA) to acquire 20% equity stake in Techmart Telecom Distribution FZCO, a Dubai-based partner of Nokia Corporation through its Singapore-based SPV. In addition to the 20% equity stake, HCL Infosystems will be providing consultancy and operational services to Techmart Telecom, leveraging company's expertise in the telecom distribution space. Techmart Telecom is the distributor for Nokia's smartphones in the Middle East and Africa. With this strategic development, HCL Infosystems will now expand its global distribution footprint in the emerging markets of Middle-East and Africa.

Harsh Chitale, CEO, HCL Infosystems said, "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."

M P Sharma, President, Techmart Telecom said, "We are excited about our strategic association with HCL Infosystems who brings over a decade of expertise in the field of distribution. We look forward to work closely with HCL Infosystems in growing the Nokia smartphones business in the region.

Chris Braam, VP-Sales Nokia MEA said, " 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"

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 upto 51% of equity stake in Techmart Telecom Distribution FZCO.