IT services provider Mphasis, majority owned by Hewlett-Packard, on Friday announced that it will transfer a portion of its domestic business to Karvy Data Management Services (KDMSL) for Rs 2.75 crore.
In a BSE filing, Mphasis stated that the company is signing a definitive agreement to transfer a portion of its domestic business, subject to regulatory approvals, to KDMSL. The latter provides business and knowledge process services.
Commenting on the development, Mphasis CEO Ganesh Ayyar said, “Specialisation and consistent strategy execution holds the key to success. This definitive agreement offers tangible proof of our commitment to execute our strategic roadmap.”
As per the agreement, Mphasis will also transfer over 2,000 employees to the Hyderabad-headquartered Karvy Group entity.