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HCL Tech terminates JV with Great American Insurance Company

HCL Eagle was incorporated in India for providing technical support services to GAIC and its subsidiaries

Press Trust of India  |  New Delhi 

HCL Tech terminates JV with Great American Insurance Company

IT firm Technologies on Thursday said it has mutually terminated its joint venture with US- based Great American Company (GAIC).

Technologies had entered into a JV agreement with Ohio, US-based GAIC in September, 2011 with setting up of Eagle Ltd.

HCL Eagle was incorporated in for providing to GAIC and its subsidiaries.

"GAIC has agreed and consented to sell to its eight per cent in HCL Eagle Ltd in accordance with the terms of JV termination agreement," said in a filing.

The price, which is the face value of the GAIC shares, is subject to the approval of the Reserve of India, it added.

"The joint venture between HCL and GAIC has been terminated on mutual understanding to reduce financial/ operational overheads," it said.

HCL and GAIC had signed a new Master Services Agreement covering apps, infra and services in February 2017 for the next four years.

There is no impact to the existing services due to this JV termination, it added.

First Published: Thu, January 04 2018. 21:59 IST