Tech Mahindra Ltd (“Company”) will increase its stake from 51% to 80% by acquiring 29% equity shares in Tech Mahindra Arabia Ltd (“TechM Arabia”).
TechM Arabia, headquartered in Kingdom of Saudi Arabia (KSA), has more than 75 employees. It is a Joint Venture between Tech Mahindra Limited (51%) (TechM) and Midad Company Limited (49%) (Midad). Post this transaction, TechM’s shareholding would be 80% and that of Midad will be 20%. For the financial year ending 31st March, 2023, TechM Arabia had an unaudited revenue of SAR 160.7 million (USD 42.8 million).
TechM will pay total consideration of up to USD 11.1 million. The acquisition will help bolster TechM’s presence and capabilities as a more serious player in the region.
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