"The Administration Committee has considered and approved acquisition of 100 per cent equity in Monster.com India Ltd for $7.5 million (Rs 48 crore) and HCL Computing Products for Rs 30 crore," said the city-based company in a regulatory filing on the BSE.
The Committee also decided to buy Monster's three subsidiaries in Hong Kong, Malaysia and Singapore for an enterprise value of $6.5 million (Rs 41.6 crore) through its Singapore-based subsidiary Quesscorp Holdings Pte Ltd.
"The transactions are expected to close in the next few weeks, subject to the fulfillment of customary closing conditions and required statutory approvals," said the company in a statement here.
The acquired business of Monster has operations across India, Singapore, Malaysia, Philippines, Hong Kong, Vietnam, Thailand, Indonesia, the UAE and Saudi Arabia.
As a leading online career and recruitment resource, Monster provides profiles to employers and jobs to jobseekers across industry verticals, experience levels and geographies. With 65 million registered users, 80 million resumes and 800,000 monthly new registrations, it is amongst the market leaders in the online recruitment space across each of its operating geographies.
The 20-year-old, US-based marquee internet brand also offers career management, recruitment and talent management capabilities.
HCL Computing Products Ltd, the care business of HCL, is one of the leading after-sales services providers for consumer products like mobile phones, electronics and durables with an extensive service network across the country, comprising 80 walk-in-centres and 200 authorised service providers.
It has relationships with smart phone makers and consumer durable companies with 2 million repairs annually.
"The acquisition of Monster is aligned with our 'Digital First strategy for Business' and is a strategic investment in that direction. It complements our market leading presence in the HR services space," said Quess Chairman Ajit Issac in the statement.
The acquisition of HCL care business marks the company's entry into the high growth break-fix market for smart phones, consumer electronics and consumer durables with pan India presence, he said.
"Care business will augment our services capability in the customer lifecycle management space," he noted.
Monster Worldwide Chief Financial Officer Robert Gibney said Quess would provide the APAC region with the strategic imperative towards driving favorable outcomes for seekers and employers with the Monster brand.
"Quess' market leading presence will help enhance our capability to build and implement innovative technology platforms to gain edge over competition," said Monster.com (APAC & Gulf) Managing Director Sanjay Modi.
HCL Infosystems Vice Chairman Premkumar Seshadri said as the care business had become a partner of choice for leading brands, the rapid growth in the market required focus and reach, which Quess brought to the table.
With 243,000 employees across India, North America, South East Asia and the Middle East, Quess serves about 1,700 clients worldwide, spanning people and services, technology, facility management and industrials.
(This story has not been edited by Social News XYZ staff and is auto-generated from a syndicated feed.)
