Info-tech

Tech Mahindra to announce strategic move today

Our Bureau Mumbai | Updated on March 12, 2018

4techm.eps

Tech Mahindra on Tuesday is set to announce a strategic move. According to the buzz in the market, Tech Mahindra could seal a deal to acquire BPO services firm Hutchison Global Services for about $100 million.

A section of the media has reported that investment bankers Kotak Investment Banking and Goldman Sachs were the advisors to the Tech-Mahindra-Hutch deal.

There is also talk that the software services company has agreed to buy a stake in privately-held Comviva Technologies from the Bharti group.

The talks were triggered after the Hyderabad-based outsourcing firm called for a press conference on Tuesday to make a “strategic announcement”.

However, Business Line could not independently confirm these reports.

When contacted a Tech Mahindra spokesman declined to comment before the official announcement, while the company’s top executives could not be immediately reached. A Goldman Sachs spokesperson also declined to comment.

There were also reports stating that British Telecom, which holds about 9.1 per cent in Tech Mahindra, had further reduced its stake in the company. Certain other reports mentioned that the company had received approvals for the merger with Mahindra Satyam.

These too could not be confirmed independently.

Earlier in July, reports stated that Tech Mahindra and UK-based Serco were eyeing Hutch’s BPO business.

> rajesh.kurup@thehindu.co.in

> priya.s@thehindu.co.in

Published on September 03, 2012

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