Zensar to divest India, Middle East and Australia businesses

Zensar to divest India, Middle East and Australia businesses
Zensar to divest India, Middle East and Australia businesses

Software services firm Zensar Technologies Ltd has agreed to sell its India, Middle East and Australian businesses to a unit of US-based IT services company First Tek Inc. The Mumbai-listed company said in a stock-exchange filing that it will sell the businesses to Lorhan IT Services Pvt. Ltd for as much as $3.6 million (Rs 26 crore) in cash. Zensar will divest its Australia and Middle East businesses via a share sale and its India business as a slump sale. By divesting these businesses, Zensar will focus and invest in its core markets of the US, Europe and South Africa, it said. Sandeep Kishore, CEO and MD, Zensar, said in the filing: “Zensar is focused on strengthening its key verticals of hi-tech manufacturing, retail and insurance in our core markets of the US, Europe and South Africa. In First Tek Group, we found the right partner for our Australia, Middle-East and India businesses.” The entire divestment is contingent upon exchange rate fluctuations, closing conditions and payment milestones as agreed between the parties for the sale. The transaction is likely to be closed by 30 April 2019.

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