February 17, 2023 auto

KIA buys Indian firm’s shares

KUWAIT CITY, Feb 16: Kuwait Investment Authority (KIA) purchased shares of the Indian information technology company Coforge after the Hong Kong-based Barings PE sold 9.83 percent of its stake in Coforge through a market deal, reports Al-Rai daily quoting CNBC TV 18.

The sale of the stake of Barings BE in Coforge, formerly known as NIIT Technologies Ltd, is part of the company’s strategy to exit from established companies, and invest in new and emerging opportunities. After the deal, Barings’ stake in Coforge decreased to 30 percent, compared to 70 percent as of September 2020. Other buyers in the Indian company include Nomura India Investment Fund and Aditya Birla FlexiCap Fund.


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