Quess Corp gets NCLT approval for three-way demerger
Quess Corp Limited, India’s largest business services company, received approval from the National Company Law Tribunal (NCLT), Bangalore Bench, on March 4 for its proposed three-way demerger, the company announced yesterday.
The demerger, first announced in February 2024, will create three separate publicly listed entities. The existing Quess Corp will continue as a workforce management company operating in nine countries with over 500,000 employees.
Two new entities will emerge from the split: Digitide Solutions, focusing on BPM services, Insurtech, and HRO across 30 countries; and Bluspring Enterprises, handling infrastructure services including facility management, food services, and security services. Bluspring will also include foundit, an AI-driven job portal.
Current Quess Corp shareholders will receive one equity share in each of the two new companies for every share held in Quess Corp on the record date, which is yet to be determined.
“This move will improve operational efficiency, unlock shareholder value, and allow each entity to pursue its distinct growth strategy,” said Ajit Isaac, Chairman of Quess Corp.
The company will now proceed with determining the record date, completing share allotment, listing the new entities on stock exchanges, and establishing independent governance structures.
