Trade Nivesh | Indian tech major Infosys shopped for equities worth Rs 3,291 crore during FY20, acquiring a majority stake in some companies, its annual report says.
According to the report, Infosys Nova Holdings, a wholly-owned subsidiary of the Salil Parekh-led company, took over US-based Simplus for a consideration of about $250 million, or Rs 1,890 crore, in February 2020.
The company, through its subsidiary, Infosys Consulting Pte, also acquired an 81 percent stake in HIPUS, a wholly-owned subsidiary of the Japanese company Hitachi, for Rs 206 crore in April 2019.
Infosys Consulting Pte also purchased a 75 percent stake in ABN AMRO Bank-backed Stater for about Rs 1,195 crore.
According to the report, Infosys had 23 direct and 52 step-down subsidiaries as on March 31, 2020.
The Bengaluru-based company also said the coronavirus outbreak would affect its profitability and growth in FY21, as it expected project terminations, bankruptcy and pricing pressure from clients.
"Many of our clients’ business operations have been negatively impacted due to the economic downturn, resulting in postponement, termination, suspension of some ongoing projects with us and/or reduced demand for our services and solutions," it said.
While some of these risks materialised towards the end of FY20, Infosys said it will continue to impact in FY21, with more consequences.
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