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(Bloomberg) – NTT Ltd. is considering promoting its majority stake in IT consulting and nihilent Ltd. , according to others familiar with the matter.
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The unit of Japanese telecommunications giant NTT Corp. is working with an advisor to locate a client for its roughly 69. 2 percent stake in the Pune, India-based company, the resources said. NTT is seeking a valuation of around 25 billion rupees ($314 million) for Nihilent, one of the other people said.
NTT owns Nihilent’s stake in its investment firm Hatch Investments Mauritius Ltd. , according to the documents.
Considerations are at an initial level and NTT could hold assets at the end, the sources said. A representative for NTT declined to comment.
Founded in 2000, Nihilent provides consulting and IT responses to clients in the banking, media, retail, healthcare and production industries, its website says. It is offered in Australia, India, South Africa, the United Kingdom, the United States and Sweden. It partners with corporations such as Microsoft Corp. , SAP SE, Alphabet Inc. ‘s Google. and Snowflake Inc.
NTT became Nihilent’s largest shareholder in 2017 when it bought a 34. 6% stake in Adcorp Workforce Management Solutions, which in the past jointly owned Hatch Investments with the Japanese company.
In 2018, Nihilent submitted a prospectus to the Indian market regulator for an initial public offering, which could have raised around Rs 2500 crore through the sale of new shares.
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