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Tech Mahindra executes JV with Sumitomo Corporation

Capital Market 

Tech Mahindra has on Thursday executed a Joint Venture Agreement with Sumitomo Corporation, Japan to set up a JV company to provide engineering services to the automotive sector.

The proposed Joint Venture (JV) shall have two shareholders with each holding a 50% stake. JV entity will provide engineering services to customers situated predominantly in Japan as per the terms of the JV agreement. The incorporation of the JV is subject to approval from applicable Competition Authority. Initially each party will subscribe 2000 Ordinary Shares and contribute 100 million JPY towards Stated Capital.

The announcement was made after market hours yesterday, 15 October 2020. Shares of Tech Mahindra fell 4.32% to settle at Rs 812.20 yesterday.

Tech Mahindra is engaged in the business of computer programming, consultancy and related services. The firm's segments include information technology (IT) services and business processing outsourcing (BPO).

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Fri, October 16 2020. 08:48 IST