Bangalore-based IKYA Group, which has interests in asset management, IT and HR services, has signed a definitive agreement to acquire Hofincons Infotech & Industrial Services from Transfield Services of Australia.
Financial details of the agreement were not disclosed.
"We are excited about finding a permanent home for Hofincons and its people. The acquisition will further strengthen our position as a leading player in the business services space," IKYA Group Chairman Ajit Isaac said in a release today.
Chennai-based Hofincons is India's largest specialist single-point industrial asset management firm with interests in electrical, mechanical & instrumentation services and facilities management. It also provides IT-enabled technical consulting services to industrial clients.
"In IKYA we have found a partner, who will enable us to realise our true potential as a global scale asset management company," Hofincons India General Manager L Sekhar said.
As a result of this acquisition, Hofincons will have a long-term, financially strong shareholder since IKYA is part of the multinational Fairfax Financial Holdings, held through its Indian-listed subsidiary, Thomas Cook India.
