The Bengaluru-headquartered company with diverse businesses is moving swiftly to cement the independent identities of new firms. “We are among the few companies that have been on course on the demerger scheme,” Isaac said.
The company began the process of demerger two years ago which helped it plan the leadership and governance structures well in advance. The two new companies are a result of the deployment of capital raised through an IPO about eight years ago. “This is a proof of our capital allocation strategy,” he added.
Executive Director Guruprasad Srinivasan will head Quess Corp, while current CFO Kamal Pal Hoda will lead Bluspring Enterprises. Quess global technology solutions CEO, the US-based Gurmeet Chahal will helm Digitide Solutions, the chairman said.
“This move will improve operational efficiency, unlock shareholder value, and allow each entity to pursue its distinct growth strategy in an evolving business landscape,” Isaac said.
Post demerger, Quess Corp will continue to house India’s largest workforce management company with a headcount of over five lakh people and a footprint across nine countries.
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Digitide Solutions will offer a comprehensive suite of solutions including BPM Services, Insurtech and HRO. Bluspring Enterprises will be an infra services company operating primarily in the areas of facility management, food services, security services, industrial and telecom infrastructure maintenance, Quess said in a statement.Upon demerger, the shareholders will receive one additional share in the new companies for every share held in Quess Corp.