Tech Mahindra launches majority owned JV in Saudi Arabia

Country's fifth largest software exporter Tech Mahindra today launched a majority-owned joint venture in Saudi Arabia in partnership with local conglomerate Al Fozan Group.
The Mahindra group company will have a majority ownership of the JV named Tech Mahindra Arabia, a statement issued here said, adding the venture will focus on opportunities in Saudi Arabia.
At present, TechM has 30 active customers in Saudi Arabia including its largest oil and gas company, major petrochemical companies, one of the largest manufacturing group, leading banks and telecom companies, it said.
1,600 associates of TechM are present in the country including those of its acquired company LCC and the joint venture, which has already set up a 10-seater delivery centre in Al Khobar, it said.

The JV is also looking at majorly hiring local talents for the centre, it added.
"As a global company, we are driven by the philosophy of 'think globally and act locally'. Through our JV, we will work towards localising technologies and building local services thus adding value to the local economy," its managing director and chief executive C P Gurnani said.
The JV partner Al Fozan Group has a presence retail, manufacturing, real estate and trading activities.