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Japan’s NTT is considering selling its controlling stake in Nihilent, an India-based IT and consulting firm.

NTT (Nippon Telegraph and Telephone Corporation) is considering the sale of a controlling stake in IT and consulting firm Nihilent, according to people familiar with the matter.

The sources disclosed that NTT collaborated with an advisor to find a buyer for its stocks of about 69.2 percent in Nihilent, an India-based IT and consulting firm. Moreover, NTT estimated the value of these stocks at $314 million.

NTT finds a buyer for its holdings in Nihilent

NTT owns these stakes in Nihilent through its investment collaborator, Hatch Investments Mauritius. The sources further said that since the consideration is in an early stage, NTT may change its plan to keep the holdings. An NTT spokesperson refused to comment on the matter.

Nihilent was established in 2000 to provide IT solutions and consulting services to clients in media, finance, retail, manufacturing, and healthcare. The firm expanded across India, Australia, the UK, Australia, Sweden, and the US. Furthermore, it has collaborated with giants like Microsoft, Google, Alphabet and Snowflake.

In 2017, NTT became the biggest shareholder of Nihilent by purchasing 34.6 percent of shares from Adcorp Workforce Management Solutions, a partner of Hatch Investments. In 2018, Nihilent attempted an initial public offering (IPO) in India, which could have generated 2.5 billion rupees by selling new shares.