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ITC Infotech to Merge with Happiest Minds After Acquiring 22.1% Promoter Stake for Rs 1,330 Crore

/ Human Resource Community

ITC Infotech, the wholly owned technology services arm of ITC Limited, is set to merge with Bengaluru-based Happiest Minds Technologies, creating an AI-first enterprise targeting a turnover of USD 1 billion by FY28. As part of the transaction, ITC Infotech will acquire a 22.106 per cent stake in Happiest Minds from its promoter Ashok Soota and Ashok Soota Medical Research LLP for around Rs 1,330 crore, according to regulatory filings. Following the acquisition, Happiest Minds will be amalgamated into ITC Infotech. The combined organisation will have a workforce of more than 19,000 professionals and is expected to offer end-to-end technology solutions across build, intelligence and operations. The merger will also strengthen its presence in high-growth sectors such as hi-tech, healthcare and edtech. The promoter stake acquisition will take place in two phases. ITC Infotech will first purchase an 11 per cent stake at Rs 390 per share, followed by another 11.106 per cent stake at Rs 400 per share. Once the merger takes effect, ITC Infotech is proposed to be listed on both the BSE and the National Stock Exchange. Under the approved share-swap arrangement, shareholders of Happiest Minds will receive 25 fully paid-up equity shares of ITC Infotech with a face value of Rs 10 each for every 81 Happiest Minds shares of Rs 2 each. Following the transaction, ITC Limited will become the promoter of the merged entity with a 73.4 per cent stake. Meanwhile, Happiest Minds’ existing promoters will be reclassified as public shareholders and will collectively hold a 7.6 per cent stake in the combined company. ITC Limited and ITC Infotech Chairman Sanjiv Puri said the merger would bring together the two companies’ complementary strengths, domain expertise and technology capabilities, enabling them to offer advanced solutions across global markets. He also highlighted the shared focus on people and customers between the two organisations. According to the regulatory filings, the merged company will rank as India’s 11th-largest listed IT services company by revenue. The entity will have combined FY26 revenue of Rs 7,033 crore and operations across the US, Europe, the Middle East, Asia-Pacific and India. Happiest Minds posted consolidated revenue of Rs 2,315.11 crore in FY26, while ITC Infotech reported revenue of Rs 4,718 crore during the same period. Separately, the Happiest Minds board has approved a proposal to shift the company’s registered office from Karnataka to West Bengal, subject to approval from shareholders and the relevant regulatory authorities. The proposed merger comes amid increasing consolidation in India’s technology services sector, with companies seeking scale and stronger capabilities in artificial intelligence and digital engineering. Earlier this year, Persistent Systems announced plans to acquire German digital engineering company Nagarro, with the proposed combination targeting a USD 2.9 billion revenue run-rate and a workforce of more than 46,000 employees across over 40 countries. Source: PTI

ITC Infotech to Merge with Happiest Minds After Acquiring 22.1% Promoter Stake for Rs 1,330 Crore Read More »

TCS Adds Over 9,200 Employees in Q1 FY27 as Hiring Rebounds; Reports 5% Rise in Net Profit

/ Human Resource Community

Tata Consultancy Services (TCS) recorded a strong rebound in hiring during the first quarter of FY27, adding more than 9,200 employees and taking its total workforce to 593,798 as of June 2026. The company’s headcount stood at 584,519 at the end of the previous quarter, marking a significant recovery after three consecutive quarters of workforce reductions. TCS had seen its employee count decline from a peak of 613,069 in Q1 FY26 to 582,163 by Q3 FY26, before returning to growth over the last two quarters. The company’s voluntary attrition rate in its IT services business remained stable at 13.6% on a last-twelve-months basis. The company also highlighted continued progress in workforce diversity and employee development. Women now account for 35% of TCS’s global workforce, representing employees from 148 nationalities. During the quarter, employees completed 14.6 million learning hours, acquired 1.3 million new competencies, and more than 3.12 lakh employees enhanced their expertise in artificial intelligence (AI) and machine learning. Chief Financial Officer Samir Seksaria said the company has implemented annual salary hikes, expanded its partner ecosystem, and made strategic investments to strengthen long-term competitiveness. He added that TCS remains focused on building, acquiring, and partnering to expand its AI-driven capabilities while maintaining healthy profitability and returns. Financially, TCS reported a 5% year-on-year increase in consolidated net profit, reaching ₹13,349 crore in Q1 FY27, compared to ₹12,760 crore in the corresponding quarter last year. Revenue from operations grew 14% year-on-year to ₹72,275 crore. The company’s board also approved an interim dividend of ₹12 per equity share for FY27, with July 15 fixed as the record date for eligible shareholders. TCS reported a $9.5 billion order book for the quarter, driven by several major wins, including an $800 million AI-led transformation deal with SKF, a multi-million-dollar strategic partnership with ServiceNow, and another significant contract with a Europe-based Fortune Global 50 company. Source: Economic Times

TCS Adds Over 9,200 Employees in Q1 FY27 as Hiring Rebounds; Reports 5% Rise in Net Profit Read More »

Flipkart Approves Second ESOP Liquidity Event, Allows Employees to Cash Out Up to 5% of Vested Stock Options

/ Human Resource Community

Flipkart has approved the second phase of its employee stock ownership plan (ESOP) liquidity programme, enabling eligible employees to sell up to 5% of their vested stock options accumulated over the last three years. According to an internal communication from Group CEO Kalyan Krishnamurthy, the approved buyback price has been set at ₹713.4 per stock option. The latest liquidity event is expected to be worth nearly $25 million and forms the second half of the company’s previously announced $50 million ESOP buyback initiative introduced in July last year. Employees who qualify under the programme are expected to receive their payouts in August. In his message to employees, Krishnamurthy noted that the company had initially committed to conducting two liquidity events, with the second contingent on achieving key business milestones. Following a review of the company’s performance, the board approved the second round, citing sustained business growth despite a challenging macroeconomic environment. The overall $50 million ESOP buyback programme is estimated to have benefited more than 7,000 Flipkart employees, providing them with an opportunity to unlock the value of their stock options. Source: Economic Times

Flipkart Approves Second ESOP Liquidity Event, Allows Employees to Cash Out Up to 5% of Vested Stock Options Read More »

Flipkart Announces 105% Bonus Payout for Employees Following Strong 2025 Performance

/ Human Resource Community

E-commerce giant Flipkart has declared a 105% bonus payout for eligible employees for the year 2025, reflecting the company’s robust growth and steady progress toward profitability. According to an internal communication accessed by PTI, employees up to the Senior Director level will receive their bonus payouts in March. Meanwhile, those at the Vice President and Senior Vice President levels will have their bonuses disbursed after the completion of the annual performance review cycle. In an email to staff, Chief Human Resources Officer Seema Nair highlighted that the company’s performance multiplier is driven by achievements across key business, financial, operational, and people-focused metrics. She emphasized that Flipkart has continued to build momentum while moving closer to sustainable profitability. Backed by Walmart, the company has also made notable progress in strengthening its core business segments while expanding new growth avenues. The bonus announcement aims to acknowledge the contributions of employees across all levels of the organization. Flipkart has not issued an official public statement in response to media queries regarding the development. Source: PTI

Flipkart Announces 105% Bonus Payout for Employees Following Strong 2025 Performance Read More »

Tata Steel Declares ₹303.13 Crore Bonus for Employees in FY 2024-25

/ Human Resource Community

Tata Steel has announced a bonus payout of ₹303.13 crore for its employees for the financial year 2024-25 after finalizing a memorandum of settlement with the Tata Workers’ Union (TWU). Out of the total, around ₹152.44 crore will be disbursed among 11,446 employees from the Jamshedpur divisions, including the Tubes division, the company confirmed. As per the agreement, the minimum annual bonus (for full attendance) stands at ₹39,004, while the maximum (based on actual attendance) goes up to ₹3,92,213. The company clarified that while most employees earn above the eligibility threshold set by the Payment of Bonus (Amendment) Act, 2015, Tata Steel will continue its long-standing practice of granting bonuses to all employees in the unionised category, upholding its tradition of employee welfare. The memorandum was signed in the presence of Tata Steel CEO & MD T.V. Narendran, Chief People Officer Atrayee Sanyal, and other senior executives, along with Jharkhand’s Deputy Labour Commissioner Arvind Kumar. Representing the workforce, TWU President Sanjeev Kumar Choudhary and General Secretary Satish Kumar Singh, along with other office bearers, signed the agreement on behalf of the union. Source: PTI

Tata Steel Declares ₹303.13 Crore Bonus for Employees in FY 2024-25 Read More »

Companies News Today Highlights – February 10, 2025: Nykaa to Strengthen Beauty Business for Growth

/ Human Resource Community

Stay updated with the latest corporate developments shaping industries and markets globally. Today’s key highlights include Nykaa’s strategic focus on expanding its beauty segment to enhance customer acquisition. The company plans to continue investing in its core beauty business to drive growth and strengthen its market position. This section provides in-depth insights into financial performances, mergers, acquisitions, and leadership changes impacting businesses across various sectors. Whether you’re an investor, business professional, or market enthusiast, our coverage brings you critical updates to help navigate the evolving economic landscape. From emerging startups to established market leaders, we deliver news that matters—helping you stay ahead in an ever-changing corporate world. Source: Business Standard

Companies News Today Highlights – February 10, 2025: Nykaa to Strengthen Beauty Business for Growth Read More »

Apple Agrees to $25 Million Settlement Over Alleged Discriminatory Hiring Practices in 2018-2019

/ Human Resource Community

Apple has agreed to pay $25 million to settle allegations that it engaged in discriminatory hiring practices from 2018 to 2019. The settlement follows a lengthy investigation by the Department of Justice, which concluded that Apple violated the Immigration and Nationality Act by favouring immigrant workers over U.S. candidates for certain positions. The probe also found instances where Apple discriminated against non-U.S. residents. Despite vehemently denying any wrongdoing, Apple acknowledged a failure to adhere to DOJ standards and opted for a settlement to address concerns. In response to the settlement, Apple defended its hiring record, emphasizing its employment of over 90,000 people in the United States and significant nationwide investments. The $25 million settlement, a relatively modest sum for Apple, will be divided into $18.25 million allocated to a fund compensating victims of alleged discrimination, while the remainder covers fines related to Apple’s hiring practices during the specified timeframe. This comes as Apple reported $383 billion in revenue for its last fiscal year ending on September 30.

Apple Agrees to $25 Million Settlement Over Alleged Discriminatory Hiring Practices in 2018-2019 Read More »