Wipro Limited will acquire an additional 20% stake in Aggne Global IT Services Private Limited, increasing Wipro's total shareholding in the target to 80%. The transaction is expected to close by June 30, 2026.
Wipro had initially acquired a 60% stake in Aggne Global IT Services Private Limited and its affiliate Aggne Global Inc. through Wipro IT Services LLC, a step-down subsidiary. That transaction was completed on February 14, 2024.
The purchase consideration for the additional 20% stake is USD 2.1 million, payable in cash and subject to customary closing adjustments. Wipro will make a separate disclosure for any further stake acquisition in the target.
Aggne Group, which includes Aggne Global IT Services Private Limited and Aggne Global Inc. is an Insurtech company providing AI and intellectual property-driven services for the Property and Casualty Insurance sector. Aggne Group reported annual turnover of USD 18.9 million in FY24, USD 24.2 million in FY25, and USD 27.5 million in FY26.
The acquisition does not constitute a related party transaction, and no promoter, promoter group, or group companies have any interest in the entity being acquired. No government or regulatory approvals are required for the transaction.
The additional stake purchase will strengthen Wipro's position in the insurance sector, particularly in AI and IP-led transformations for the P&C insurance industry. The target entity operates in information technology, consulting, and managed services for the P&C insurance sector.
Disclaimer: This article is based on company filings submitted to the Bombay Stock Exchange (BSE) and National Stock Exchange of India (NSE) and is for informational purposes only. It does not constitute investment advice or a recommendation. Investors should conduct their own research and consult a qualified financial advisor before making investment decisions.