Ikya Group to acquire Chennai-based industrial facilities management firm Hofincons

Ikya Group, which is a subsidiary of tour operator Thomas Cook (India) Ltd, has signed an agreement to acquire Chennai-based Hofincons Infotech & Industrial Services from Australian firm Transfield Services for an undisclosed amount, the company said in a stock market disclosure on Friday.

Founded in 1978, Hofincons Infotech is an industrial asset management company which has interest in electrical, mechanical and instrumentation services. The firm provides IT enables consulting services to industrial clients around the world. It employs over 6,000 people.

Ikya is part of the multinational firm Fairfax Financial Holdings Group, held through its Indian listed subsidiary- Thomas Cook India.

"The Ikya Group sees it as a strategic fit and has synergies with its hard services business. The acquisition will further strengthen Ikya's position as India's leading player in the business services space," said Ajit Isaac, chairman of the Ikya Group.

Bangalore-headquartered Ikya Group provides asset management, IT and HR services. The firm operates in 22 cities in India, Middle East and South East Asia and has around 75,000 employees.

Since its inception in 2007, the firm has done so many acquisitions. Last year, it completed acquisitions of two companies—Avon Facility Management Services Pvt Ltd and Magna Infotech Pvt Ltd, by acquiring the remaining stake.

Australia’s Transfield Services, which owns Hofincons Infotech, is a global provider of operations, maintenance and construction services to the resources, energy, industrial, infrastructure, property and defense sectors. It also delivers asset management services across all phases of the asset life-cycle.

(Edited by Joby Puthuparampil Johnson)

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