India’s Quess Corp has received legal approval by the Company Law Tribunal in Bangalore, India, to spin off its business into three publicly listed entities.

“With this approval, the demerger plan is taking place as per schedule, and the company has been meticulously preparing for this event,” Quess Corp said in a statement to the BSE and National Stock Exchange of India, where it has dual listings.

Quess Corp announced the restructuring plan in February last year after it was approved by the company’s board.

Under the restructuring plan, Quess Corp will continue to house India’s largest workforce management company with a headcount of more than 500,000 and a footprint across nine countries in regions including South-East Asia, North America and the Middle East.

The second entity in the spin-off, Digitide Solutions, will offer a range of solutions such as business process management services, insurance technology and human resource outsourcing.

“With operations across 30 countries and delivery centres in Manila and India, it is well positioned to capitalise on emerging BPM opportunities across diverse sectors,” Quess Corp said.

“Digitide will leverage AI-driven technology to enable businesses in transforming data into enterprise power [and] provide real-time insights, automation and scalability.”

The third entity is Bluspring Enterprises, an infrastructure services company that primarily operates in facility management, food services, security services, and industrial and telecom infrastructure maintenance. Foundit, an AI-powered white-collar job portal and candidate services platform, will also come under the Bluspring Enterprises umbrella.

“The approval … marks a major milestone in our journey to create three focused and independent listed entities,” Ajit Isaac, chairman of Quess Corp, said in the statement.

“This move will improve operational efficiency, unlock shareholder value and allow each entity to pursue its distinct growth strategy in an evolving business landscape.”

The company said its next steps included determining the record date and completing the share allotment to eligible shareholders, who will receive one equity share in each of Bluspring Enterprises and Digitide Solutions for every equity share held in Quess Corp.

It would also have to determine the listing of Digitide Solutions and Bluspring Enterprises on the stock exchange, establish the companies’ independent governance structures and name the leadership teams.