KEY HIGHLIGHTS

• ITC Infotech to merge with Happiest Minds by FY28.
• Combined entity to have a $1 billion turnover.
• ITC Infotech to become India's 11th largest IT services player.
• Global workforce of over 19,000 professionals.

Introduction

In a significant move in 2026, ITC Infotech, a subsidiary of ITC Ltd, announced its merger with Bengaluru-based Happiest Minds Technologies. This strategic merger aims to create an AI-first enterprise with a projected $1 billion turnover by FY28.

Merger Details

As a precursor to the merger, ITC Infotech will acquire a 22.106% stake from Happiest Minds promoter Ashok Soota and Ashok Soota Medical Research. The stake purchase will be executed in two tranches: an 11% stake at Rs 390 per share and an 11.106% stake at Rs 400 per share.

Following the acquisition, Happiest Minds will be amalgamated with ITC Infotech. The transaction will result in ITC Infotech allot 25 fully paid-up equity shares of Rs 10 each for every 81 shares of Rs 2 held by Happiest Minds' shareholders.

Post-Merger Strategy

The combined entity will leverage complementary capabilities to deliver a full-stack value proposition for end-to-end solutions spanning build, intelligence, and operations. The merger will expand into high-potential verticals including hi-tech, healthcare, and edtech.

Market Position

According to regulatory filings, the combined entity will become India's 11th largest listed IT services player by revenue, with a combined FY26 revenue of Rs 7,033 crore. The company will have a presence in the USA, Europe, the Middle East, APAC, and India.

Key Highlights

• The merger will create an AI-first enterprise with a $1 billion turnover by FY28.
• The combined entity will have a global workforce of over 19,000 professionals.
• ITC Infotech will become India's 11th largest IT services player by revenue.
• The merger will expand into high-potential verticals including hi-tech, healthcare, and edtech.

FAQ

**Q: What is the projected turnover of the combined entity by FY28? A: The combined entity is projected to have a $1 billion turnover by FY28.

**Q: What stake will ITC Infotech acquire in Happiest Minds? A: ITC Infotech will acquire a 22.106% stake in Happiest Minds.

**Q: What will be the market position of the merged entity? A: The merged entity will become India's 11th largest listed IT services player by revenue.

Conclusion

The merger between ITC Infotech and Happiest Minds marks a significant step towards creating an AI-first enterprise with a global footprint. With complementary strengths and a shared vision, the combined entity is poised to deliver cutting-edge solutions across geographies.

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