• Monday, October 03, 2022

Africa

Tech Mahindra acquires stakes in 2 South African joint ventures

Anand Mahindra (Photo by NOAH SEELAM/AFP via Getty Images)

By: PTI

Tech Mahindra said it acquired entire stakes in its two South African joint ventures — Tech Mahindra South (Pty) Limited and Tech Mahindra Holdco Pty Ltd — for about Rs 30 crore (£3.1 million).

According to a BSE filing, the company will acquire 49 per cent stake in Tech Mahindra South (Pty) and four per cent in Mahindra Holdco Pty Ltd from its partner Falcorp Technologies which is exiting the joint venture.

Tech Mahindra has acquired stake on immediate basis in these two companies in cash transaction amounting to 62 million South African Rand or about Rs 29.69 crore (£3.08 million), according to the filing.

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