ICICI Lombard General Insurance Company Limited disclosed its acquisition of minor stakes in Tata Consultancy Services (TCS) and Infosys, two major players in the Indian IT industry. The acquisition was completed on November 4, 2024, and was conducted as part of the company’s regular investment activities.
The company acquired these shares during market hours through cash transactions, with a total acquisition cost of ₹3,320 crore for TCS and ₹3,090 crore for Infosys. This investment represents a 0.03% stake in TCS and a 0.05% stake in Infosys, both of which are classified as non-related party transactions conducted at arm’s length.
TCS, a leading IT services and consulting firm, was founded in 1995 and operates across 150 locations in 46 countries, with an annual turnover of ₹2,40,900 crore in FY24. Infosys, incorporated in 1981, offers business consulting and IT services across 50 countries, recording a turnover of ₹1,53,600 crore in FY24.
ICICI Lombard’s investment reflects confidence in the continued growth potential of the IT sector, driven by these industry leaders. The acquisitions align with the company’s strategy to diversify its investment portfolio through high-performing sectors.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Please consult with a financial advisor before making any investment decisions.
