New Delhi/IBNS, Aug. 31 -- ITC Infotech, a wholly owned subsidiary of ITC Limited, on Monday announced a proposed strategic combination with Happiest Minds Technologies Ltd to create a scaled, future-ready and AI-first global technology services enterprise, with a target of achieving US$1 billion in revenue by FY28.

The Board of ITC Infotech has approved a proposal to acquire a 22.1% equity stake in Happiest Minds from its promoter in two tranches under a Share Purchase Agreement.

The acquisition will be funded through a Rights Issue by ITC Infotech.

Following the acquisition, ITC Infotech's Board has also approved a proposed Scheme of Amalgamation under which Happiest Minds will be merged with ITC Infotech.

The proposed combination w...