Intellect Design Arena’s proposed UK JV in GIFT City called off

16 Dec 2025 , 01:11 PM

Shares of Intellect Design Arena Ltd were trading lower in Tuesday’s session after the company informed stock exchanges about a change related to a proposed joint venture in GIFT City, Gujarat.

At around 12.59 PM, Intellect Design Arena was trading 1.20% lower at ₹1,018 per piece, against the previous close of ₹1,030.40 on NSE. The counter touched an intraday high and low of ₹1,059, and ₹1,016, respectively.

The company informed that its wholly-owned subsidiary Intellect Design Arena Ltd., United Kingdom, and ITIXA Ltd., a group company of System Holdings Ltd., have mutually called off the proposed joint venture. As a result of this, the memorandum of understanding (MoU) signed earlier will lapse without renewal.

Intellect Design Arena clarified in its filing with the bourses that its existing business relationship with System Holdings Ltd., the parent company of ITIXA Ltd., will continue without any modifications and shall not materially impact ongoing operations.

The proposed joint venture was supposed to provide artificial intelligence enabled bookkeeping, payroll, and business support services for small and medium enterprises in the United Kingdom.

After signing the memorandum of understanding, the company performed a detailed review of market conditions in the United Kingdom. It added that the operating environment for small and medium enterprises changed materially after the UK Government announced its Autumn Budget in October 2024.

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