New Delhi, Aug. 30 -- ITC Infotech is reportedly moving closer to acquiring a controlling stake of around 44% in Bengaluru-based Happiest Minds Technologies from founder Ashok Soota and promoter entities, in what could become one of the bigger consolidation moves in India's mid-tier IT services market.

Multiple media reports have placed the potential transaction value at around Rs.2,800 crore to Rs.2,900 crore. Neither ITC Infotech nor Happiest Minds has formally announced a transaction so far.

Earlier reports had suggested a possible two-part structure, with ITC Infotech directly acquiring around 22% of Happiest Minds from the promoters and the remaining promoter holding potentially being part of a separate share-based transaction. A p...