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Virtusa Corp, the US based technology outsourcing company has got the fair trade regulator CCI’s approval for the acquisition of 53 percent stake in mid-tier Indian IT firm Polaris Consulting & Services for about Rs 1,173 crore.
It is expected that this combination will be helping Virtusa to provide end-to-end global banking and financial services and pursue larger consulting and outsourcing opportunities.
Virtusa, in November last year said that a subsidiary of the company will be acquiring about 53 percent of the paid-up share capital from certain promoters entities led by Arun Jain and certain other shareholders, including OrbiTech, formerly known as Orbitech Ltd.
It had further said that the firm will purchase shares at a price of about Rs 220.73 apiece, aggregating about Rs 1,173 crore.
