Tech Mahindra Paragraph 1

Tech Mahindra is a provider of Information Technology(IT), BPO and networking technology solution to the telecommunication industry. The multinational company is headquartered at Pune, India. Anand Mahindra is the chairman of the company.

    It’s a $4.4 billion dollar company across 90 countries with over 100,00+ employees. Mahindra & Mahindra started a joint venture with British Telecom in 1986 as a technology outsourcing firm. British Telecom initially had around 30 percent stake in the Tech Mahindra company. In December 2010, British Telecom sold 5.5 per cent of its stake in Tech Mahindra to Mahindra & Mahindra for Rs 451 crore. In August 2012, British Telecom sold 14.1 per cent of its stake to institutional investors for about Rs 1,395 crore. In December 2012, British Telecom sold its remaining 9.1 per cent (11.6 million shares) shareholding to institutional investors for a total gross cash proceeds of Rs 1,011.4 crore. This sale marked the exit of British Telecom from Tech Mahindra.

Tech Mahindra announced its merger with Mahindra Satyamon March 21, 2012, after the boards of the two companies gave their approval, to create a 2.5 billion $ IT Company. On June 11, 2013, Andhra Pradesh High Court gave its approval for the merger of Mahindra Satyam with Tech Mahindra, after the Bombay high court had already given its approval.