Wipro founder Azim Premji may acquire majority stake in this bank from…

Premji Invest, the family business of Wipro founder Azim Premji, is reportedly in advanced negotiations to buy the majority of Bank of Baroda (BoB) subsidiary Nainital Bank, according to Economic Times report. It has been reported that Premji Invest has signed a term sheet, a non-binding contract outlining the terms and conditions of a deal, following the completion of due diligence. However, no final decision has been made. The deal is expected to value Nainital Bank, headquartered in Uttarakhand, at Rs 800 crore, with BoB divesting its entire 98% stake in the bank. According to the reports, approximately 51% of the shares will be sold in the first tranche.

Nainital Bank was founded in 1922 to meet the banking needs of the local population. In 1973, the Reserve Bank of India appointed Bank of Baroda to oversee its operations. The bank has 168 branches across Uttarakhand, Uttar Pradesh, Delhi, Haryana, and Rajasthan.

According to recent reports, Wipro, the IT behemoth founded by Azim Premji, has secured a multimillion-dollar contract to transform Nokia's digital workplace services. The Wipro team will create a custom AI-powered, cloud-based solution for Nokia's workforce, which includes approximately 86,700 users in 130 countries of operation. The solution aims to improve employee experience by offering modular, secure, and automated services.