Is a New AI-Focused IT Giant Taking Shape?

ITC Infotech, a wholly owned subsidiary of ITC Ltd, is set to merge with Happiest Minds Technologies, creating a significantly larger listed IT services company with an AI-first focus. What’s Happening? As part of the transaction, ITC Infotech will first acquire a 22.106% stake in Happiest Minds from promoter Ashok Soota and Ashok Soota Medical Research LLP for around ₹1,330 crore. The stake will be acquired in two tranches: 11% at ₹390 per share 11.106% at ₹400 per share Once the merger is completed, Happiest Minds will be amalgamated into ITC Infotech, and the combined entity is proposed to be listed on both the NSE and BSE. What Happens to Shareholders? The proposed share-swap ratio is 25 ITC Infotech shares for every 81 Happiest Minds shares. After the merger: ITC Ltd: Expected promoter holding of 73.4% Existing Happiest Minds promoters: Expected to be reclassified as public shareholders with 7.6% stake How Big Could the Combined Company Become? The merged business would have more than 19,000 employees and reported FY26 revenue of around ₹7,033 crore: ITC Infotech: ₹4,718 crore Happiest Minds: ₹2,315 crore The combination is expected to strengthen capabilities across AI, technology, healthcare, hi-tech and edtech, with an ambition to reach $1 billion turnover by FY28.