CCI Greenlights Coforge's Major Acquisition of Cigniti Technologies

The Competition Commission of India (CCI) has approved Coforge's plan to acquire a majority stake in Cigniti Technologies. The transaction involves acquiring up to 54% shareholding. Cigniti specializes in IT and IT-enabled services in India. The CCI also approved Mitsui & Co's stake acquisition in Sneha Farms Pvt Ltd.

The Competition Commission of India (CCI) has given the green light to IT firm Coforge's proposal to acquire a majority stake in Cigniti Technologies.

Baring Private Equity Asia-promoted Coforge, listed on both BSE and NSE, will acquire at least 50.21% and up to 54% shareholding in Cigniti. The acquisition follows execution agreements and an open offer in line with Securities and Exchange Board of India regulations.

Cigniti and its affiliates are engaged in IT and IT-enabled services across various sub-segments in India. Coforge's board had previously approved acquiring the 54% stake earlier this year. The CCI also sanctioned Mitsui & Co's stake acquisition in Sneha Farms Pvt Ltd, marking significant regulatory approvals in the business sector.

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