Coforge

Last updated

Coforge Ltd.
FormerlyNIIT Technologies
Company type Public
ISIN INE591G01017
Industry Information technology
Founded13 May 1992;32 years ago (1992-05-13)
Headquarters Noida, Uttar Pradesh, India
Area served
Worldwide
Key people
Sudhir Singh (CEO) [1]
Services
RevenueIncrease2.svg₹8,014 crore (US$960 million) (FY23) [2]
Increase2.svg₹811 crore (US$97 million) (FY23) [2]
Number of employees
24,607 (December 2023) [3]
Website www.coforge.com

Coforge, formerly known as NIIT Technologies, is an Indian multinational information technology company based in Noida, India and New Jersey, United States. The company's stock trades on the Bombay Stock Exchange and on the National Stock Exchange of India under the ticker symbol COFORGE. [4] [5] [6]

Contents

History

The company was incorporated in 1992 as NIIT Technologies Ltd, the software services division of NIIT. [6] [7]

In 2006, the company acquired UK Insurance Solutions Company. In the same year company partnered with Adecco SA. [8]

In 2008, the company signed a multi million pounds deal with British Airways. [9]

In 2012, the company implemented "Intranet Prahari" project for Border Security Force approved by Government of India. [10] In the same year Indian Tobacco Board Government of Andhra Pradesh joined hands with the company to implementation of e-auction system in Karnataka and Andhra Pradesh. [11] In the same year, the company launched Crew Wings, an application for Airline Cabin Crew Members. [12] And acquired Sabre Philippines Development Center. [13]

In 2018, the Company acquired controlling interest in RuleTek, a US-based BPM architecture services company. After the acquisition, Coforge's digital arm Incessant Technologies control 55% of Ruletek. [14] [15]

In April 2019, Baring Private Equity Asia acquired a 30.6% stake in NIIT Technologies from the promoter group for ₹2,627 crore. [16] In July 2019, Baring increased its shareholding by 35% via an open offer to public shareholders for ₹3,045 crore. [17]

In 2020, NIIT Technologies was re-branded as "Coforge". [1] [18]

Between October 2020 and August 2023, Baring Private Equity Asia sold its entire 70% stake in Coforge across multiple tranches. [19] [20]

In April 2021, Coforge acquired 60% stake in SLK Global Solutions for ₹918 crore. After this acquisition, the company's employee count rose to 21,000 having inherited SLK's employee strength of 10,000. [21]

In May 2024, Coforge acquired a 54% stake in Cigniti. [22]

Income Tax Notice

On December 20, 2023, the company received an income tax demand notice of INR 122 crore consisting of a tax demand of INR 97.97 crore and an interest liability of INR 23.79 crore as declared in a regulatory filing. [23] [24] [25]

Philanthropy

Coforge collaborated with NIIT Foundation and launched a CSR initiative "Shiksha." Coforge has four operational centers training over 5,000 underprivileged youth in IT skills and employability. Coforge also sponsored the restoration of Neknampur Lake, a 98 acres lake in Telangana. [26]

Related Research Articles

Housing Development Finance Corporation was an Indian private sector mortgage lender based in Mumbai. It was the biggest housing finance company in India. It also had a presence in banking, life and general insurance, asset management, venture capital and deposits through its associate and subsidiary companies.

Kotak Mahindra Bank Limited is an Indian banking and financial services company headquartered in Mumbai. It offers banking products and financial services for corporate and retail customers in the areas of personal finance, investment banking, life insurance, and wealth management. As of December 2023, the bank has 1,869 branches and 3,239 ATMs, including branches in GIFT City and DIFC (Dubai).

Tech Mahindra is an Indian multinational information technology services and consulting company. Part of the Mahindra Group, the company is headquartered in Pune and has its registered office in Mumbai. Tech Mahindra has over 138,000 employees across 90 countries. The company was ranked #5 in India's IT firms and overall No. 47 on Fortune India 500 list for 2019.

<span class="mw-page-title-main">Aditya Birla Fashion and Retail</span> Indian clothing retail company

Aditya Birla Fashion and Retail Limited (ABFRL) is an Indian fashion retail company headquartered in Mumbai. It emerged after the consolidation of the branded apparel businesses of Aditya Birla Group, comprising ABNL's Madura Fashion division and ABNL's subsidiaries Pantaloons Fashion and Retail (PFRL) and Madura Fashion & Lifestyle (MFL), in May 2015. Post consolidation, PFRL was renamed Aditya Birla Fashion and Retail Ltd.

<span class="mw-page-title-main">NIIT</span> Indian corporation

NIIT Limited (National Institute of Information Technology) is an Indian multinational skills and talent development corporation headquartered in Gurgaon, India. The company was set up in 1981 to help the nascent IT industry overcome its human resource challenges. NIIT offers training and development to individuals, enterprises and institutions.

<span class="mw-page-title-main">Haldia Petrochemicals</span> Indian petrochemical company

Haldia Petrochemicals Ltd., often referred to as HPL, is one of the largest petrochemical companies in India. HPL which began commercial production in 1984, has its headquarters located in Kolkata, West Bengal, India. It has a large petrochemical plant based out of Haldia in Eastern India. The company as of 2018 held the position of being the fourth largest player in the domestic petrochemical market and enjoyed a dominant position in Eastern India.

<span class="mw-page-title-main">RBL Bank</span> Indian bank

RBL Bank, formerly known as Ratnakar Bank Limited, is an Indian private sector bank founded in 1943 and headquartered in Mumbai. It offers services across five verticals: corporate banking, commercial banking, branch banking and retail liabilities, retail assets, and treasury and financial markets operations.

Hero FinCorp, an associate company of Hero MotoCorp, is an Indian Non-banking financial company (NBFC). The company is currently engaged in consumer finance businesses and commercial lending. Consumer Finance includes financing Hero MotoCorp Two Wheeler, Loyalty Customer Loans and providing Loans against property. On the commercial lending side it provides Indian corporates with a wide portfolio of financing products which include working capital loans, machine loans among others. It is a captive finance company of Hero MotoCorp Ltd.

<span class="mw-page-title-main">Thyrocare</span> Indian medical diagnostic company

Thyrocare Technologies Limited is an Indian multinational chain of diagnostic and preventive care laboratories, headquartered in Navi Mumbai. As of 2021, the company has a total of 1,122 outlets and collection centers across India and parts of Nepal, Bangladesh and the Middle East.

<span class="mw-page-title-main">Metropolitan Stock Exchange</span> Indian stock exchange

Metropolitan Stock Exchange of India Limited (MSE) is a stock exchange regulated by Securities and Exchange Board of India (SEBI). The Exchange was notified of a "recognized stock exchange" under Section 2(39) of the Companies Act, 1956 by the Ministry of Corporate Affairs, Govt. of India, on December 21, 2012. The exchange's shareholders are some of India's top public sector banks, private sector banks, and domestic financial institutions.

<span class="mw-page-title-main">National Investment and Infrastructure Fund</span> Sovereign wealth fund of India dedicated to infrastructure

National Investment and Infrastructure Fund Limited (NIIFL) is an Indian public sector company which maintains infrastructure investments funds for international and Indian investors anchored by the Government of India. The objective behind creating this organisation was to catalyse capital into the country and support its growth needs across sectors of importance.

<span class="mw-page-title-main">Titagarh Rail Systems</span> Indian rolling stock manufacturer

Titagarh Rail Systems Limited, formerly known as Titagarh Wagons Limited, is an Indian rolling stock manufacturer in the private sector. Established in 1984 as a rolling stock foundry unit, the company's headquarters are situated in Kolkata, West Bengal. Titagarh is publicly traded on both the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).

<span class="mw-page-title-main">IDFC First Bank</span> Indian private sector bank

IDFC First Bank is an Indian private sector bank formed by the merger of the banking arm of Infrastructure Development Finance Company and Capital First, an Indian non-bank financial institution.

Lenskart is an Indian multinational optical prescription eyewear retail chain, based in Gurugram. As of March 2023, Its manufacturing facility in New Delhi manufactures 3 lakh glasses a month. Lenskart is building an automated factory in Bhiwadi, Rajasthan, with an annual production capacity of 5 crore glasses.

ICICI Prudential Life Insurance Company Limited is an Indian life insurance company in India. Established as a joint venture between ICICI Bank Limited and Prudential Corporation Holdings Limited, ICICI Prudential Life is engaged in life insurance and asset management business. In 2016, the company became the first insurance company in India to be listed in the domestic stock exchanges.

India Grid Trust (IndiGrid) is an Indian power sector infrastructure investment trust (InvIT), sponsored by KKR & Sterlite Power (SPTL). Established on 21 October 2016, the entity is registered with SEBI pursuant to the InvIT regulations to own power transmission and renewable assets. Harsh Shah is the CEO and Director of IndiGrid and Jyoti Kumar Agarwal is the CFO.

<span class="mw-page-title-main">Ola Electric</span> Indian electric scooter manufacturer

Ola Electric Mobility is an Indian electric two-wheeler manufacturer, based in Bangalore. It has a manufacturing facility located in Krishnagiri, Tamil Nadu, which is India's largest two-wheeler EV manufacturing factory. The company was valued at around US$5.4 billion, as of September 2023.

Home First Finance Company India Limited is an Indian housing finance company in the affordable housing segment based in Mumbai and founded in 2010. It provides home loans, mortgage loans and home construction loans. Its equity shares are listed on Bombay Stock Exchange and National Stock Exchange.

<span class="mw-page-title-main">Texmaco Rail & Engineering</span> Rolling stock manufacturer

Texmaco Rail & Engineering Ltd. is a private engineering and infrastructure company based in India. It is primarily engaged in the business of manufacturing railway wagons, coaches, and locomotives, as well as providing related services. The company is headquartered in Kolkata, West Bengal. The company manufactures coaches for the Indian Railways and many other private firms.

CreditAccess Grameen Limited is an Indian microfinance institution, headquartered in Bengaluru, which serves customers predominantly in rural areas. The company is engaged in providing microfinance services to women from low-income households who are enrolled as members and organized in Joint Liability Groups.

References

  1. 1 2 "NIIT Technologies rebrands as Coforge - ET BrandEquity". ETBrandEquity.com.
  2. 1 2 "Coforge Q4 net profit drops 45%; full year revenue crosses $1 bn mark". The Times of India. 27 April 2023. Retrieved 26 May 2023.
  3. ↑ Sureban, Haripriya (24 January 2024). "Coforge to increase employee headcount in a bid to target growth". BusinessLine. Retrieved 30 January 2024.
  4. ↑ "Coforge Limited". NSEIndia.
  5. ↑ "COFORGE Ltd. BSE India". BSEIndia.
  6. 1 2 "Coforge Ltd Stock Price - (2369.60), Coforge Ltd Share Price Live Today, Coforge LtdStock Live BSE/NSE Share Price". Financialexpress.com.
  7. ↑ "The Men Behind NIIT". DATAQUEST. 24 October 2002. Retrieved 24 March 2023.
  8. ↑ "NIIT partners with Adecco to provide enhance services". Moneylife NEWS.
  9. ↑ "NIIT Tech signs 3-yr multi-mn pound deal with British Airways". mint. 26 September 2008.
  10. ↑ "NIIT Tech - 'Intranet Prahari' project for Border Security Force launched by Hon'ble Union Home Minister". Moneycontrol.com.
  11. ↑ "NIIT Technologies in pact with India Tobacco Board". The New Indian Express.
  12. ↑ "NIIT Technologies Launches Crew Wings, For Airline Cabin Crew Members". Firstpost. 5 September 2012.
  13. ↑ "NIIT Technologies acquires Sabre's Philippines Development Center". The Economic Times.
  14. ↑ "NIIT Tech's arm to acquire 55% interest in US firm RuleTek". mint. 31 May 2017.
  15. ↑ "Incessant | RuleTek are now Coforge". www.incessanttechnologies.com.
  16. ↑ Pandey, Piyush (7 April 2019). "Baring Private Equity to acquire 30% stake in NIIT Technologies for ₹2627 crore". The Hindu. Retrieved 24 March 2023.
  17. ↑ "Baring PE Asia ups open offer size for NIIT Technologies". VCCircle. Retrieved 24 March 2023.
  18. ↑ "New strategy under a new brand? | CEO Sudhir Singh of Coforge to ET Now". Timesnownews.com.
  19. ↑ Ramarathinam, Ashwin (19 May 2021). "Baring PE Asia sells 5.12% stake in Coforge for Rs1,008 crore". mint. Retrieved 30 January 2024.
  20. ↑ "Baring PE sells its entire stake in Coforge". The Economic Times. 25 August 2023. Retrieved 30 January 2024.
  21. ↑ "Coforge to acquire 60% of SLK Global Solutions for Rs 918 crore". The Economic Times. 12 April 2021.
  22. ↑ Mukherjee, Saurav (2 May 2024). "Coforge to acquire Cigniti Technologies' 54% stake at ₹1,415 per share". Mint. Retrieved 3 May 2024.
  23. ↑ "Coforge Gets Rs. 122 Crore Income Tax Demand Notice". Economic Times. Retrieved 22 December 2023.
  24. ↑ "Coforge received a demand notice for income tax of Rs 122 crore". Bru Times News.
  25. ↑ "Coforge Faces Rs 122 Cr Income Tax Demand Notice". BW Businessworld.
  26. ↑ "Coforge Directors Report | Coforge Director Details - The Economic Times". economictimes.indiatimes.com.


This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.