Global asset servicer State Street is set to assume full ownership of its joint venture (JV) in India.
It has agreed to the 49% stake held by its partner in the business, Indian IT services firm HCL Technologies, for an undisclosed sum.
The JV, Statestreet HCL Services, was launched in 2012 to provide business operations services in the country.
According to State Street, the decision to take over the running of the business is part of a strategy to streamline and simplify its global operating model.
“By creating additional scale, we remain committed to further advancing our operational model with clients, needs at the centre,” said Mostapha Tahiri, executive vice president and incoming chief operating officer of State Street.
The purchase, which is expected to be completed by early 2024, is another example of State Street consolidating its Indian operations. In August, it announced plans to assume full ownership of its Indian JV with Atos Group.
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