HCL Technologies has invested ₹1,427.25 crore in Axonwise Private Limited (Sarvam AI) to acquire a 10.46% stake, marking a significant step towards advancing artificial intelligence development in India. The investment, executed as a minority purchase of 41,421 equity shares, aims to fund Sarvam's continued research and development for training next-generation frontier models for agentic AI, coding, and cybersecurity use cases. This strategic move underscores HCLTech's intent to play a pivotal role in shaping India's sovereign AI landscape by combining its enterprise transformation expertise with Sarvam's research capabilities. Nomura has noted this as the first such investment by an Indian IT services firm in a sovereign full-stack AI company.

Investment Overview

The following table summarizes the key details of the announced investment:

Analyst View: Nomura Maintains Buy Rating

Nomura has maintained its Buy rating on HCL Technologies with a target price of ₹1,600, citing the $150mn strategic investment in Sarvam AI as a landmark development. The brokerage highlighted this as the first move of its kind by an Indian IT services firm, positioning HCLTech at the forefront of sovereign AI development. Nomura noted that the investment is aimed at building industry-specific large language models (LLMs), leveraging multilingual AI capabilities, and accelerating sovereign, secure, and localized AI solutions for global enterprise and government clients.

Strategic Focus on AI Development

Sarvam AI is a full-stack sovereign AI company building frontier models across text, speech, vision, and documents, all trained from scratch in India. With a turnover of ₹45.10 crore in FY26 (unaudited), the company focuses on verticals such as banking, insurance, government technology, and defence. The partnership will enable HCLTech to develop industry-specific language models and leverage Sarvam's multilingual AI capabilities for global markets, accelerating the adoption of secure and compliant AI solutions for governments and regulated industries.

HCL Technologies has secured shareholder approval to appoint Ms. Kimsuka Narsimhan as an Independent Director. The resolution was passed via a postal ballot conducted through remote e-voting, concluding on June 10, 2026. This appointment strengthens the company's board governance structure following the requisite majority approval.

The special resolution garnered significant support, with 99.76% of the valid votes cast favouring the appointment. A total of 2,524,896,406 votes were polled, representing 93.04% of the company's total outstanding shares. The detailed voting results were scrutinized by M/s. Nityanand Singh & Co., Company Secretaries, to ensure transparency and compliance with regulatory norms.

The remote e-voting process was managed by the National Securities Depository Limited (NSDL). It commenced on May 12, 2026, and concluded on June 10, 2026. Shareholders holding shares as of the cut-off date of May 6, 2026, were eligible to participate in the voting process. The notice for the postal ballot was sent electronically to members on May 11, 2026.

Voting Breakdown

The resolution received overwhelming support across all shareholder categories. Promoters and the promoter group cast 100% of their votes in favour, while public institutions and non-institutions also voted overwhelmingly for the appointment.

The appointment was approved under the provisions of the Companies Act, 2013, and the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company submitted the results to the stock exchanges on June 10, 2026, confirming the passing of the resolution with the requisite majority.