IFCI acquires 49% stake in consultancy services provider RAJCON

IFCI Ltd has acquired 49 per cent stake in consultancy services provider Rajasthan Consultancy Organisation Ltd (RAJCON), from Hardicon Ltd, as per a stock market disclosure. The deal amount remained undisclosed. Set up in 1985 by several financial institutions, Hardicon is into technical consultancy.

RAJCON was founded in 1978 and provides various types of consultancy services to entrepreneurs and enterprises.

In particular it provides HR development service through skill development programmes, project consultancy, management restructuring, loan syndication, market research, among various other services.

The Rajasthan-based firm is promoted jointly by Hardicon Ltd, SIDBI, ICICI, RIICO, RFC, RSIC and commercial banks SBBJ, CBI, PNB, BOB and UCO Bank.

Recently IFCI sold its 2.5 per cent stake in NSE and now holds 2.94 per cent stake in the national bourse.

IFCI scrip closed at Rs 41.60 a share, down 0.95 per cent on BSE in a strong Mumbai market on Tuesday.

(Edited by Joby Puthuparampil Johnson)

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