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ITC Stocks Gained 1.4% on Arm to Acquire 100% Stake in Blazeclan Technologies

The purchase will enhance ITC Infotech's capabilities to serve its customers better in a multi-cloud and hybrid cloud environment.

ITC Ltd’s shares rose by 1.4% on April 19, as its subsidiary ITC Infotech announced that it would acquire Blazeclan Technologies Private Limited for Rs 485 crore. They have entered into a Share Purchase Agreement for acquisition of 100% of the share capital of Blazeclan Technologies Private Limited. This is as per the company’s regulatory filing on April 18.

Blazeclan Technologies is an IT firm located in Pune that provides cloud transformation solutions globally. The acquisition is expected to be completed within six to eight weeks, subject to the fulfilment of customary closing conditions.

The purchase will enhance ITC Infotech’s capabilities to serve its customers better in a multi-cloud and hybrid cloud environment. It will also focus on the partner ecosystem to accelerate future growth. 

Blazeclan is an AWS Premier Partner and Snowflake Elite Partner, with strong expertise in cloud migration, digital services, digital cloud consulting, and Data Analytics & Insights.

ITC Infotech is a global technology services provider with expertise in business and technology consulting. They offer digital solutions and leverage deep domain expertise across industries, including Banking & Financial Services, Healthcare, Manufacturing, Consumer Goods, and Travel and Hospitality.

The acquisition is expected to reinforce ITC Infotech’s commitment to assist clients in their digital transformation journey and deliver business outcomes that rely on strong cloud capabilities. Blazeclan is a well-known global cloud consulting and digital transformation partner for organizations. 

ITC is one of India’s foremost private sector companies and a diversified conglomerate with businesses spanning Fast Moving Consumer Goods, Hotels, Paperboards and Packaging, Agri Business, and Information Technology. This proposed acquisition will reinforce ITC’s position in the IT space, and help them serve customers better.

At 12:40 pm, the shares of ITC ltd. were trading 1.18% higher at Rs 423.80 on NSE.

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