Tech Mahindra expands footprint in Saudi Arabia

Forms JV with Midad Holding; to have 51% ownership in JV

Tech Mahindra has signed a joint venture agreement with Midad Holding, which is a subsidiary of Al Fozan, a pre-eminent group with diversified business interests in Saudi Arabia.

The joint venture will be called Tech Mahindra Arabia, it was announced here.

Tech Mahindra will have 51% ownership while Midad will own 49% stake in the joint venture.

Headquartered in Al Khobar, Tech Mahindra Arabia will also have presence across other major cities in Saudi and will be functional post the regulatory approvals.

The regional strength of Midad Holding and the global connectivity of Tech Mahindra will create a synergic value proposition for customers in Saudi Arabia.

"Saudi Arabia has been a focus market for Tech Mahindra and we are excited about the economic growth potential the region has. This joint venture will establish the company as a leading player in providing IT and ITeS solutions," CP Gurnani, MD and CEO, Tech Mahindra said.

Tech Mahindra has a significant presence in Saudi Arabia since 2006 where it provides solutions to its global and local customer base.