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What is the story about?
Technology services provider Coforge Ltd. announced on Tuesday, March 31, that it has received approval from the Reserve Bank of India for overseas direct investment of over $1 billion in a key regulatory clearance linked to its proposed acquisition of Encora.
The approval comes under India’s foreign exchange rules governing overseas investments and marks the latest milestone in the company’s ongoing transaction involving Encora and its affiliated entities.
Sudhir Singh, the CEO and Executive Director at Coforge, had earlier said the deal would pave the way to perform in the next few years.
"The $2 billion core of data, cloud and AI-led engineering that will be created after Coforge and Encora come together sets us up for sustained outperformance in the years to come," Singh had said.
In December 2025, Coforge entered into a share subscription and share purchase agreement with Encora group entities and investors, including AI Altius Parent (Cayman) Limited and Encora Holdco Limited.
However, at present, the deal remains subject to multiple regulatory approvals across jurisdictions, the company informed the exchanges. These additional regulatory approvals are in advanced stages.
It had previously secured clearance under the US Hart-Scott-Rodino Antitrust Improvements Act, shareholder approval for key transaction-related matters, and competition approvals in several regions, including Australia.
The approval comes as Coforge continues to see some positive business developments. Last month, it secured a five-year contract worth $158 million from a UK-based client.
In the quarter ended December 2025, Coforge's revenue in US Dollar terms stood at $478.2 million, up 3.5% sequentially. Revenue in rupee terms was up 5.1% sequentially to ₹4,188 crore.
Also Read: Top insiders sold shares of Nvidia, Dell Technologies and Five Below last week
Shares of the company closed at ₹1,114.70 apiece, down 2.62% in the last trading session on Monday, March 30.
The approval comes under India’s foreign exchange rules governing overseas investments and marks the latest milestone in the company’s ongoing transaction involving Encora and its affiliated entities.
Sudhir Singh, the CEO and Executive Director at Coforge, had earlier said the deal would pave the way to perform in the next few years.
"The $2 billion core of data, cloud and AI-led engineering that will be created after Coforge and Encora come together sets us up for sustained outperformance in the years to come," Singh had said.
In December 2025, Coforge entered into a share subscription and share purchase agreement with Encora group entities and investors, including AI Altius Parent (Cayman) Limited and Encora Holdco Limited.
However, at present, the deal remains subject to multiple regulatory approvals across jurisdictions, the company informed the exchanges. These additional regulatory approvals are in advanced stages.
It had previously secured clearance under the US Hart-Scott-Rodino Antitrust Improvements Act, shareholder approval for key transaction-related matters, and competition approvals in several regions, including Australia.
The approval comes as Coforge continues to see some positive business developments. Last month, it secured a five-year contract worth $158 million from a UK-based client.
In the quarter ended December 2025, Coforge's revenue in US Dollar terms stood at $478.2 million, up 3.5% sequentially. Revenue in rupee terms was up 5.1% sequentially to ₹4,188 crore.
Also Read: Top insiders sold shares of Nvidia, Dell Technologies and Five Below last week
Shares of the company closed at ₹1,114.70 apiece, down 2.62% in the last trading session on Monday, March 30.
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