State Street taking full ownership of India joint venture with HCLTech

State Street Corp.
STT,
+0.23%
said Monday it will take full ownership of a joint venture in India called Statestreet HCL Services. Financial terms were not disclosed. “Bringing the State Street HCL Services capabilities and expertise in-house will create a more simplified model to facilitate faster decision making and a more effective and efficient experience for its clients,” State Street said in a statement. The joint venture with India’s information technology company HCLTech was formed in 2012 to provide business operations services. State Street expects to complete the deal by June 30. State Street’s stock has fallen 4.7% in 2023, compared to a 19.7% increase by the S&P 500
SPX,
-0.72%.