The consideration for the 81 per cent stake, subject to closing adjustments, is JPY 2,762 million (approx Rs 1.74 billion).
The transaction is expected to close by April 1, 2019, subject to customary closing conditions, Infosys said.
"The transaction is in alignment with Infosys' strategy to strengthen its presence in Japan and invest in local capabilities to serve the local and global needs of Japanese corporations," it said.
Hitachi Procurement, currently, handles indirect materials purchasing functions for the Hitachi Group.
"...iconic companies coming together, will accelerate business process transformation leveraging digital procurement platforms for the local and global needs of Japanese corporations," the statement said.
Infosys will bring its expertise in procurement processes, consulting, analytics and digital technologies such as artificial intelligence (AI) and Robotic Process Automation (RPA) to the venture.
Combined with Hitachi and Panasonic's knowledge of their procurement functions and local teams, and Pasona's human capital and BPM networks in Japan, the entity will provide differentiated, end-to-end, efficient and high value procurement capabilities to corporations, the statement said.
"This JV will help Japanese corporations transform their procurement processes using next-generation digital platforms, as we bring together the combined power of deep procurement expertise, technology, global expertise and local skills," Infosys President Ravi Kumar said.
"This transaction is a significant demonstration of our commitment to building a local presence in the region in order to partner with our Japanese clients and accelerate their digital journey," he added.