Investcorp to buy NSE's digital tech unit for $120 million

Bahrain-based Investcorp will buy the digital technology services business of the National Stock Exchange (NSE) for $120 million, the alternative investment firm said on Monday, in what is being touted as its biggest deal in India.

NSEIT Ltd, the digital technology arm of the country's largest stock market operator, offers services in areas including cybersecurity, digital transformation and cloud services in India, North America and the Middle East.

The deal, which is worth Rs 10 billion in Indian currency terms, was in line with NSE's strategy to focus on its core business areas, said Ashish Kumar Chauhan, the company's managing director and CEO.

The deal excludes NSEIT's digital examination business, which offers online recruitment and promotion tests as well as digital upskilling services for corporates.

"It is a significant step in our expansion efforts in India and it underscores our commitment to investing in high-growth sectors," Gaurav Sharma, head of India Investment Business at Investcorp, said in a statement.