NTT sells controlling stake in Pune-based Nihilent to promoter

Japanese telecommunication giant NTT Corporation has fully exited its 69.14% controlling stake in Pune-based IT consulting and services firm Nihilent Ltd selling it to the founder and promoter LC Singh.

While the exact deal size was not disclosed, in mid-2022, NTT was seeking a valuation for Nihilent at around Rs 2,500 crore ($314 million then).

Exercising his first right of refusal, Singh bought back the 69.16% stake from NTT through a leveraged buyout with debt financing from a consortium of two funds – ICICI Prudential Corporate Credit Opportunities Fund AIF-I of ICICI Prudential Alternate Investments and Piramal Structured Credit Opportunities Fund, the performing credit fund of Piramal Alternatives, Singh confirmed to ET in an interaction.