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Coforge faces execution test
Mint Chennai
|December 30, 2025
Pricey bet Coforge's acquisition of Encora at 3.9x EV/sales is slightly higher than deals struck by its peers in 2025.
The AI battleground is heating up. Tier-IIIT services firm Coforge Ltd has become the latest Indian player to join its peers in the acquisition spree sweeping the sector. On Friday, the firm announced the purchase of US-based engineering and AI-led services firm Encora at an enterprise value of $2.35 billion from Advent International, Warburg Pincus and other minority shareholders.
The all-stock deal will bring Advent and Warburg Pincus onto Coforge’s board, a move that could bolster its fundraising prospects. Coforge will issue shares worth $1.89 billion to Encora’s shareholders at ₹1,815 apiece, and may raise $550 million via a qualified institutional placement or a bridge loan to retire Encora’s term debt.
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