Majesco to sell India Insurance Products & Services Business to MSSIPL
18th Mar 2019

Majesco has received approval to sell, transfer and dispose of, as a going concern and on a slump sale basis, the Company's India Insurance Products & Services Business, together with the use of all the licences, permits, consents and approvals whatsoever, and all related assets (excluding immovable assets) and liabilities pertaining to India Insurance Products & Services Business together with employees, to Majesco Software and Solutions India (MSSIPL), a step-down subsidiary of the Company, for a lump sum consideration of around Rs 24.37 crore. The Board of Directors of the Company at its meeting held on March 16, 2019 approved the same.

Majesco enables insurance business transformation for approximately 150 insurance customers by providing solutions which include software, consulting and services.