IKYA Group signs agreement to acquire Hofincons Infotech
The Chennai based industrial asset management company is the country’s largest specialist single point industrial asset management company with interests in electrical, mechanical & instrumentation services and hard services in facilities management. The company also provides IT enabled technical consulting services to industrial clients around the world.
Speaking about the acquisition, Ajit Isaac, Chairman of the IKYA Group commented that "we are excited about finding a permanent home for Hofincons and its people."
The company that has a stellar track record in India, is a market leader and is well positioned to expand its market share. The IKYA Group sees it as a strategic fit and has synergies with its hard services business. The acquisition will further strengthen IKYA’s position as India’s leading player in the business services space.
L. Sekhar, GM of Hofincons India said, “In IKYA we have found a partner, who will enable us to realize our true potential as a global scale asset management company. Our domain expertise backed by IKYA’s strategic vision will combine to help create a truly transnational company at Hofincons.”
As a result of this acquisition, Hofincons will benefit by having a long-term, financially strong shareholder since IKYA is part of the multinational Fairfax Financial Holdings Group, held through it's Indian listed subsidiary, Thomas Cook India Limited.
The transaction is expected to complete pursuant to customary closing conditions.
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