Tech Mahindra will buy an additional 29 per cent equity shares in Tech Mahindra Arabia limited increasing its stake to 80 per cent, the company announced through an exchange filing. The acquisition will help Tech Mahindra establish a stronger presence and bolster capabilities as a serious player in the region.
Tech Mahindra Arabia is a joint venture between Tech Mahindra and Midad Company Limited. Post this acquisition Midad will hold 20 per cent shares whereas Tech Mahindra will hold 80 per cent shares.
Tech Mahindra Arabia
Tech Mahindra Arabia is headquartered in the Kingdom of Saudi Arabia (KSA) with over 75 employees. It provides digital system integration and consulting services for energy and utilities, banking and telecom sector in KSA. Tech Mahindra Arabia Ltd was incorporated in 2015 and for the financial year that ended on March 30, 2023 Tech Mahindra Arabia had an unaudited revenue of $42.8 million. In the previous financial year it had reported a turnover of SAR 88.8 million.
Tech Mahindra shares
The shares of Tech Mahindra on Friday at 10:46 am IST were at Rs 1,045.10, down by 0.033 per cent.