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Our Bureau

Mumbai , Feb. 16

MAHINDRA-BRITISH Telecom, the telecom software and services company, has rechristened itself `Tech Mahindra'.

The name change reflects the expanded business scope, with business from non-British Telecom clients growing at 80 per cent to account for 40 per cent of revenues; the company is aggressively diversifying its client base that now includes telecom equipment vendors too. The change reflects the fact that the company will address the complete telecom ecosystem, said Mr Vineet Nayar, Vice-Chairman, Tech Mahindra, at a news conference here on Thursday.The company is a 57:43 per cent joint venture between Mahindra & Mahindra and British Telecom.

The name change does not indicate any change in the equity ownership , said Mr Anand Mahindra, Chairman, Tech Mahindra.

As to whether an initial public offer is in the pipeline, Mr Nayar said: "That we will do an IPO is a certainty," adding that there were no concrete plans.

British Telecom's commitment to Tech Mahindra too remains unchanged, insisted Mr Clive Ansell, British Telecom Group Strategy Director. With respect to the name change, Mr Ansell said it was a mutual decision; British Telecom wanted Tech Mahindra to be open to more clients.

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