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NYSE-listed Manpower Inc, the world's largest IT staffing company, today said that it acquired 74 per cent stake in Kolkata-based Web Development Company Ltd (WDC) in an all-cash deal.
The remaining 26 per cent stake in WDC will remain with its promoters Mr Rakesh Sharma and Mr Harsh Hada.
Mr Abhijeet Biswas, director of Equirus Capital, which brokered the deal, said that a number of financial investors in WDC exited the company through this deal. He however, did not disclose the acquisition price.
“Investors in WDC included Usha Martin and Rahul Todi (of Shrachi Group),” he said.
Following the acquisition, WDC will become a vehicle for all IT-related staffing and services operations of Manpower in India. WDC will soon be managed by a reconstituted board.
WDC, set up in 1998, is also an IT services company that offers a variety of services such as consulting, development, application support and staffing.
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