The firm is expecting to achieve the target structure by a separation of the said MIS Business into newly incorporated companies, i.e., Kyndryl and Ocean India.
IBM | Source: Reuters
The Competition Commission of India (CCI) on May 11 approved the green channel notice filed by Kyndryl Holdings LLC and Grand Ocean Managed Infrastructure Services Private Limited for internal restructuring of IBM Corporation.
The American multinational technology company is mulling to spin off its global MIS Business into a new public company. It is trying to do so within the framework of an international corporate internal re-organisation.
The firm is expecting to achieve the target structure by a separation of the said MIS Business into newly incorporated companies, i.e., Kyndryl Holdings LLC (Kyndryl) and Grand Ocean Managed Infrastructure Services Private Limited (Ocean India), Business Line quoted the IBM statement.
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Currently in India, the MIS Business is presently housed in Network Solutions Private Limited (NetSol) and IBM India. Both these are indirect wholly-owned subsidiaries of IBM Corporation.
The MIS Business is the business of the infrastructure services unit of IBM Corporations Global Technology Services segment, the firm said. This includes the security, regulatory and risk management services and identity management services offerings of the security services unit of IBM Corporation’s cloud and cognitive software segment. However, MIS Business do not provide services related to public cloud platform offering of the infrastructure services unit.
Following the proposed transaction, the acquirers — Kyndryl Holdings and Ocean India — will operate the MIS Business of the IBM Corporation, the statement added.
