A new report has revealed that software giant IBM is currently planning to purchase ICICI Bank’s 20.33 percent stake in 3i Infotech.
The revelation was made by CNBC TV’s Kritika Saxena with inputs from unnamed sources. It has been also reported the work on the issue is currently on the progress, at a very steady pace.
However, no official confirmation has come from IBM yet, thus making it the subject of mere speculations. On being approached for comments on the issue, IBM stayed mum citing to company policies of not responding to rumours and speculations.
As far the reported diligence done by IBM is concerned, the overall value of 3i Infotech is estimated to be somewhere around the $240-300 million mark. And it is also important to note here that once a company gets done with the diligence process, it does not wait more than a couple of weeks to make an offer.
Adding more to the speculations, ICICI officials also refused to comment on the issue.
However, a spokesman of the Bank gave a hint on Money Control by saying, "3i is a financial investment for the company and we evaluate all opportunities on an ongoing basis".