New Delhi, Sept. 1 -- Happiest Minds Technologies Ltd's stake sale to ITC Infotech was not driven by fears over artificial intelligence, the management of the Ashok Soota-led company said on Tuesday, amid concerns about AI's impact on India's IT services industry.

The comments, made at a press conference, came a day after Happiest Minds announced its acquisition by ITC Infotech, the IT arm of cigarette-to-salt conglomerate ITC Ltd. The combined entity would have revenue of about $740 million as of March 2026.

Soota was not present at the press conference, and questions directed towards him were addressed by chief executive Joseph Anantharaju and managing director Venkatraman Narayanan.

The two executives attributed Soota's decision to ...