The Competition Commission of India (CCI) has given deemed approval under green channel to Kyndryl Holdings LLC and Grand Ocean Managed Infrastructure Services in relation to internal restructuring of IBM Corporation.
International Business Machines (IBM) Corporation plans to spin off its global managed infrastructure services (MIS) business into a new public company within the framework of an international corporate internal reorganisation.
The target structure will be achieved by separating it into newly-incorporated companies Kyndryl Holdings LLC and Grand Ocean Managed Infrastructure Services Pvt Ltd, according to an official statement released on Tuesday by the Ministry of Corporate Affairs.
In India, IBM's MIS business is currently housed in Network Solutions (NetSol) and IBM India, which are indirect wholly-owned subsidiaries of IBM Corporation.
The MIS Business manages security, regulatory and risk management services and identity management services offerings but excludes public cloud platform offering of the infrastructure services unit.
The CCI said that the acquirers are not engaged in any business activity and have been incorporated only to implement the proposed transaction. "Post the proposed transaction, the acquirers will house and operate the MIS business of IBM Corporation," it said.
( With inputs from ANI )
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