Infosys forms JV for Saudi Arabian customers

Software major Infosys Ltd on Friday announced forming a joint venture (JV) with Saudi Prerogative Company (SPC) to provide IT services to customers in the kingdom.

"The investment will be $312,671 (Rs 21 million) in cash in the equity share capital of the joint venture," the IT major said in a regulatory filing to the BSE.

The joint venture will be in the ratio of 70:30 and the agreement is subject to the approval of the Saudi Arabian General Investment Authority.

The outsourcing firm will, however, not have any shareholding in the Saudi firm.

--IANS

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