How many Indian companies are now listed in US-listed companies
Posted On July 4, 2021
New Delhi: The world’s largest company listing in India, the Indian Software and Services Association (ISA), is now down.
The company, with a turnover of $5.3 billion, said on Thursday that it will be delisted from the Indian Stock Exchange (ISEX) and is to shut down by the end of the month.
The company, whose shares are traded on the New York Stock Exchange and the Nasdaq, said it had sold its remaining assets to the Tata Group and other investors.
It will not be able to resume listing on the ISEX for the foreseeable future.
The ISEX said it was delisting the company due to “unexpected and unplanned events”, including the listing of the Tata group and the sale of the business, which is now in a holding arrangement.
The Tata Group is India’s largest private sector conglomerate.
Its products include telephones, smart home appliances and automobiles.
The Tata Group also owns India’s first-ever internet service provider, Tata Teleservices Pvt Ltd, which provides internet access to more than 2.5 million households in the country.
The ISEX had earlier delisted the Tata unit in February.
The delisting was welcomed by several groups in the Indian IT industry, including the Association of Indian IT Companies, a trade body.
“This is a welcome step to allow Tata to resume its operations in India.
ISCA has welcomed the delisting and is ready to assist Tata,” said Ajay Bhushan, director general of the association.
“It will be a great boost to the Indian industry and IT industry in India.”AAP