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Tech Mahindra has signed a joint venture agreement with Saudi Arabia-based Midad Holding in turn expanding its footprint in West Asia.
To be called Tech Mahindra Arabia, the JV will bring together the regional strength of Midad Holding and global connectivity of Tech Mahindra to create a synergic value proposition for customers in Saudi.
In a notification to the BSE today, Tech Mahindra said it will hold 51% stake in the new joint venture, while Midad will have the balance 49%. Midad Holding is a subsidiary of Al Fozan, which is well established in Kingdom of Saudi Arabia with diversified business interests, said the notification.
“Saudi Arabia has been a focus market for Tech Mahindra and we are excited about the economic growth potential the region has,” MD&CEO C P Gurnani was quoted as saying.
Headquartered in Al Khobar, the new joint venture will also have presence across other major cities in Saudi Arabia and will be functional post the regulatory approvals, it said.
“Tech Mahindra Arabia will pave way for exponential growth by solving the business and technical challenges of customers from telecom, public sector, oil & gas, petrochemicals utilities, manufacturing and BFSI segments. Our differentiating strengths in networking, mobility, analytics, cloud and security will be of key importance in bringing value to Saudi customers,” the release quoted Tech Mahindra’s vice president and geo head Middle East and North Africa G B Kumar as saying.
