At 83, Ashok Soota sells 22.1% Happiest Minds stake to ITC Infotech for Rs 1,330 crore, channeling proceeds into healthcare and medical research trusts.
A landmark exit at 83
At 83, Ashok Soota has struck again, selling his 22.1% stake in Happiest Minds to ITC Infotech for Rs 1,330 crore, as part of a merger that will bring the Bengaluru-based IT services company into the ITC fold. The octogenarian may be beginning to look a little frail, but those who know him say he remains as astute as ever.
ITC Infotech, a wholly-owned subsidiary of ITC Ltd, will acquire 3,36,61,700 Happiest Minds shares from Soota and Ashok Soota Medical Research LLP in two tranches at Rs 390 and Rs 400 per share. The stake purchase is part of a larger strategic transaction to merge ITC Infotech and Happiest Minds, creating an AI-first enterprise targeting USD 1 billion in revenue by FY28.
Proceeds directed to health and research
It is not clear what he plans to do with all the money he gets from this transaction, but much of his recent focus has been on health initiatives. The 83-year-old entrepreneur will channel the funds into SKAN (Scientific Knowledge for Ageing and Neurological Ailments), his not-for-profit medical research trust, and Happiest Health, a health and wellness platform that is preparing to expand into physical hospitals.timesofindia.
Four years ago, when he was 79, Soota launched his third venture, Happiest Health. The idea was to build it into something akin to WebMD, the American health information portal. The venture today also includes diagnostics and clinics. He has also created an overarching holding trust and a medical research trust, designed to co-exist and survive in perpetuity.
Skan trust and research partners
He had previously committed Rs 200 crore towards a not-for-profit entity called Skan focused on ageing and neurological research. For that, he has two major partners, both in Bengaluru, the Centre for Brain Research (CBR) at Indian Institute of Science (IISc), and St John’s Geriatric Centre (SJGC). Some of the funds will also go to IIT-Roorkee, and the mental health institute Nimhans.
Soota studied engineering at IIT Roorkee and was at Shriram Refrigeration Industries when Azim Premji hired him in 1985 to build Wipro’s then nascent IT business. Over the next 14 years, Soota became almost the face of Wipro. His deep ties to IIT Roorkee and leading medical institutions shape his approach to funding research and building sustainable healthcare ecosystems.
A career defined by bold bets and exits
In 1999, when he was 56, Soota co-founded Mindtree. Ten IT industry professionals from Wipro, Lucent and Cambridge Technology Partners came together, pooling $1.6 million. Two decades later, Mindtree was sold to L&T for more than $2 billion. But Soota had exited the company prior to that, in 2011, following differences with other co-founders.
He went on to found Happiest Minds when he was 68. In 2020, Happiest Minds’ Rs 700-crore IPO was oversubscribed 150 times. The latest transaction with ITC Infotech marks another significant milestone in his journey as a serial entrepreneur who builds, scales and exits companies with precision and timing.
Warren Buffett as a role model
Soota has cited Berkshire Hathaway chairman Warren Buffett as a role model for maintaining an active work life. “It doesn’t mean I will necessarily work as long as he will. I might even have different roles going forward,” he said in 2021. His approach combines long-term thinking, disciplined capital allocation and a willingness to pivot towards areas where he sees lasting social impact.
At 83, he continues to evaluate opportunities, but his energy now centres on healthcare, ageing and neurological research rather than pure-play IT services. He views these areas as critical for India’s future and as a meaningful legacy project.
Merger creates an AI-first IT powerhouse
The acquisition of Soota’s stake precedes a scheme of amalgamation under which Happiest Minds will merge into ITC Infotech, subject to statutory and regulatory approvals. Post-amalgamation, ITC Limited will hold a 73.4% stake in the merged entity, while Happiest Minds’ shareholders will hold the remaining 26.6%.moneycontrol+1
Despite the divestment, Soota will not exit the business entirely. Following the completion of the merger with ITC Infotech, a process expected to take 15 months, he will remain a minority shareholder with a 7.55% stake in the combined entity. The merged company is proposed to be listed on Indian stock exchanges, effectively giving ITC Infotech a backdoor listing.
Building a legacy beyond IT
Soota plans to deploy a substantial part of the Rs 1,300 crore proceeds from his stake sale into his healthcare ventures, Skan Research Trust and Happiest Health, as he seeks to scale initiatives focused on ageing, neurological research and healthcare delivery. He wants to build these as part of his legacy, alongside his contributions to the Indian IT industry.
By directing capital into research trusts, diagnostics, clinics and potential hospitals, he aims to create institutions that outlive him and address India’s growing burden of age-related and neurological diseases. His model blends philanthropy, research partnerships and commercial healthcare delivery.
A template for entrepreneur-led impact
Soota’s latest move offers a template for senior entrepreneurs who wish to convert wealth into long-term social impact. Instead of retiring, he redirects capital and attention towards sectors where India needs sustained investment and innovation.
His journey from Wipro to Mindtree to Happiest Minds, and now to healthcare and research, demonstrates how business acumen can serve broader societal goals. As India’s startup ecosystem matures, such transitions may inspire other founders to think beyond exits and valuations towards enduring contributions.
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