Hexaware Technologies Ltd, a global provider of IT services and technology-enabled business solutions, has approved a series of corporate restructuring measures, including a subsidiary slump sale, two mergers, the incorporation of a new overseas subsidiary and the voluntary liquidation of an existing entity.
The company’s board has also approved the appointment of Vivek Jetley as Chief Executive Officer with effect from October 28, 2026, replacing R. Srikrishna as CEO and Executive Director.
Tech SMC India business to be transferred
The board approved the slump sale of Tech SMC Square India Pvt Ltd from Hexaware Technologies Inc, USA, to Tech SMC Squared (GCC) India Pvt Ltd. The entities involved are wholly owned subsidiaries or step-down wholly owned subsidiaries of Hexaware Technologies.
Tech SMC Square India provides software development and business support services. It reported a turnover of ₹6.95 crore for December 2025. The transaction is expected to be completed on or before June 30, 2027.
Two overseas mergers approved
The board also approved the merger of Identity and Access Solutions Canada Inc., a step-down wholly owned subsidiary, into Hexaware Technologies Canada Ltd, its wholly owned subsidiary in Canada.
Separately, IT Glitterz LLC, USA, will be merged into Hexaware Technologies Inc, USA. The companies involved operate in complementary areas of technology-enabled services and are under common control and management.
Hexaware Technologies Canada and Hexaware Technologies Inc are the respective holding companies and own 100% of the paid-up share capital of the transferor entities. No cash consideration will be involved in either merger.
New Mauritius subsidiary planned
Hexaware’s board approved the incorporation of a wholly owned subsidiary in Mauritius, with an initial investment of up to $1 million in one or more tranches.
The proposed entity will expand the company’s overseas corporate structure, subject to the applicable incorporation requirements.
Mobiquity BV to undergo liquidation
The board approved the voluntary liquidation of Mobiquity BV, a step-down wholly owned subsidiary, subject to necessary regulatory approvals.
Mobiquity BV reported a turnover of ₹175 crore as of December 2025, equivalent to 1.3% of Hexaware’s consolidated turnover. Its net worth stood at negative ₹31 crore, representing negative 0.5% of the parent company’s consolidated net worth.
The restructuring measures are expected to streamline the group’s subsidiary structure and consolidate selected operations under existing holding companies.