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Volvo signs LOI for selling external IT business to HCL Tech

On Tuesday, the global truck maker Volvo said that a letter of intent has been signed by it with HCL Technologies for selling its external IT business in a deal seen boosting operating earnings by about 900 million Swedish crowns ($108.5 million) on closing.

Volvo’s acting chief executive Jan Gurander said in a statement that “Not only will our cooperation with HCL Technologies provide significant cost-savings. We will also make a capital gain when the contract is signed.”

The company said in a statement that about 2,600 Volvo staff would be affected by the transaction and offered employment at HCL.

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