HCL Technologies acquires Volvo's IT infrastructure

MUMBAI, INDIA: HCL Technologies will take over about 2600 employees from Volvo Group, as part of a deal to take over its IT infrastructure operations.

The manufacturing group confirmed the development in a communiqué to the Swedish Stock Exchange.

The Volvo Group and HCL have signed a letter of intent, but are waiting the signing of the final contract, Volvo said in that statement. The transaction is expected to close in H22016.

"HCL's engagement with Volvo is especially satisfying given that we have the opportunity to create additional value for such a forward looking organization. I take this opportunity to welcome Volvo and its customers to the large network of value-creating relationships we already have in the Nordics," said Anant Gupta, President & CEO, HCL Technologies.

It must be recalled that the Volvo Group said it was looking for an external partner to assume responsibility for its external IT business and IT infrastructure operations, in April 2015.