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News about Cambridge Solutions Limited and HCL Technologies Limited

March 23rd, 2007

NSE Press Release

The media had reports that HCL Technologies Limited may acquire around 42% stake in Cambridge Solutions Limited.

The Exchange, in order to verify the accuracy or otherwise of the information reported in the media and to inform the market place so that the interest of the investors is safeguarded, had written to the officials of the companies.

Cambridge Solutions Limited has vide its letter inter-alia stated, “The company is not aware of any such development and it has not been informed of any such intent by Scandent Group, its majority shareholder.”

HCL Technologies Limited has vide its letter inter-alia stated, “The Company (HCL) is looking at acquisition targets as continuous process in line with its growth strategy. HCL at any point of time would be evaluating quite a few inorganic opportunities. These targets are at various stages of evaluation. Any acquisition would be driven by either the need to fill in the capability gap in the software side, or to acquire a company in value BPO space provided that there is a potential to offshore. However, in none of the targets we have reached a stage where we have concluded either to acquire or not to acquire, or reached any binding agreement with the potential target. We wish to place on record that our Company, in line with its stated policy, does not comment on speculative reports or conjectures.”

Entry Filed under: IT & ITes, NSE