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ITC to Acquire 22% of Happiest Minds, Merge with ITC Infotech, and Aim for $1 Billion Revenue by 2028

Kalbir Talwar
Published Aug 31, 2026
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Summary:
  • Happiest Minds Technologies Ltd. and ITC Infotech India Ltd. agreed to combine, with ITC set to control the enlarged technology-services firm.
  • A Monday filing says ITC will initially purchase about 22% of Happiest Minds from the promoters and their entities at a cost of 13.3 billion rupees (about $140 million), paying an average of roughly 395 rupees per share.
  • For every 81 Happiest Minds shares owned, investors will be issued 25 shares of ITC; ITC is expected to hold around 73.4% post-merger, with a $1 billion annual revenue goal by 2028.

Deal Structure and Ownership

Under the agreed swap ratio, holders of Happiest Minds will be allotted 25 shares of ITC for each 81 shares they currently own. After completion, ITC is expected to control approximately 73.4% of the merged company. The combined entity is anticipated to be listed once all required clearances are in hand.

Strategic Rationale and Scale

The combination is intended to expand ITC's footprint as tech-services providers race to build AI capabilities and win larger global contracts. ITC will first buy roughly 22% of Happiest Minds from the promoters and their entities, paying 13.3 billion rupees (about $140 million) at an average of around 395 rupees per share, before proceeding with the merger.

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Outlook, Scale Metrics, and Timeline

The combined business projects revenue of about 70.33 billion rupees in the financial year 2026, and aims to reach $1 billion in annual sales by 2028. Post-merger, the company would have a workforce exceeding 19,000 and serve more than 800 clients across over 30 countries. The deal requires approvals from shareholders, competition authorities, stock exchanges, and a tribunal, with completion anticipated in 15 months, after which the merged company is expected to be listed.

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