The Shapoorji Pallonji Group has picked up 11 percent stake in a unit Nexxoft Infotel Ltd , a top official of the domestic software services firm told Reuters.
“Shapoorji has picked up a stake in one of our units,” Rakesh Joshi, chief financial officer of Nexxoft Infotel, told Reuters. “The proposal is still with the board.” The financial terms of the transaction were not immediately available.
“The investments are in our gaming subsidiary and the funds will be used for developing new gaming platforms,” he added.
Shapoorji group is the single largest private shareholder in the Tata group, India's biggest business group with 18.5 percent stake, according to its website.
Source: Economic Times