MPS nears ADI BPO merger as NCLT clears a step
- India’s NCLT cleared a key step in the MPS-ADI BPO merger
- ADI BPO holds a 68.34% equity stake in MPS
- MPS reported about $92 million (Rs 768.36 crore) in FY2026 revenue
- The next NCLT hearing is set for November 4, 2026
NOIDA, INDIA — India’s National Company Law Tribunal (NCLT) has cleared a key procedural step for the proposed merger of MPS Limited, a content solutions and business process outsourcing (BPO) firm, with its parent company ADI BPO Services Limited.
The NCLT’s Chennai Bench approved the second motion petition on August 22, 2026, after equity shareholders and unsecured creditors endorsed the merger scheme, moving the two firms closer to a final tribunal sanction.
NCLT backs MPS-ADI BPO amalgamation scheme
According to a report from The Globe and Mail, MPS said the tribunal directed notices to relevant statutory and regulatory authorities before a final order is issued.
ADI BPO Services currently holds a 68.34% equity stake in MPS; under the merger scheme, those shares will be cancelled and new MPS shares will be issued to ADI BPO’s own equity shareholders.
The tribunal also dispensed with a secured creditors’ meeting and confirmed that no dilution of MPS public shareholders will result from the restructuring.
Merger rationale: simplifying corporate structure
MPS said the consolidation is designed to simplify the group’s corporate structure, eliminate the administrative overhead of the parent-subsidiary arrangement, and create a unified operational platform for its BPO and content solutions business.
MPS reported consolidated revenue of approximately $92 million (Rs. 768.36 crore) for the fiscal year ending March 2026, according to company filings, reflecting the scale of the combined entity the merger will formalize.
The next NCLT hearing is set for November 4, 2026, when the tribunal will review compliance with its notice requirements and consider whether to issue a final sanction order.
India’s company law framework requires multiple tribunal approvals for formal mergers between listed entities, making the August shareholder vote and the NCLT’s procedural clearance significant milestones in a consolidation that began with regulatory filings earlier in 2026.
For the managed services and content solutions sector, the MPS-ADI BPO deal reflects a pattern in which listed Indian firms streamline multi-entity structures built up over years of acquisitive growth.
With a final NCLT order expected before the end of 2026, the combined entity would bring ADI BPO’s shareholder base alongside MPS’s content production capabilities under a single listed vehicle, improving its standing among top BPO companies worldwide pursuing enterprise content and data services contracts.
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