CFCL Tech inks pact to sell part of business for Rs 88 cr

Software firm CFCL Technologies, a US-based subsidiary of Chambal Fertilisers and Chemicals, today signed a pact to sell part of its BPO business for about Rs 88 crore.
Of the existing subsidiaries of CFCL Technologies, ISGN Corp and ISG Novasoft Technologies today entered into an agreement to sale, said Chambal Fertilisers in a BSE filing.
ISGN Corp has entered into a stock purchase agreement to sell and transfer its entire shareholding in its wholly-owned subsidiary ISGN Solutions to the US-based firm Firstsource Group for USD 12.56 million (about Rs 85 crore).
ISG Novasoft Tech has entered into a slump sale agreement to sell and dispose off part of its BPO business to Bangalore -based firm Firstsource Process Management Services for Rs 3 crore, the filing said.

On January 21, Chambar Fertilisers's Board had approved CFCL Technologies to sell and dispose off the business it is carrying through its subsidiaries and step down subsidiaries.
CFCL Tech provides information technology solutions, outsourcing and other services through its subsidiaries.