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Temasek picks up minority stake in UST Global for $250 mn

Press Trust of India  |  Mumbai 

Singapore-based sovereign wealth fund Temasek Holdings today agreed to invest USD 250 million for a minority stake in the California-based digital technology solutions player UST Global.

"The partnership with Temasek will allow us to further our reach so that we can partner our clients in designing their digital impact strategies," UST chief executive Sajan Pillai said in a statement.

"Temasek will invest USD 250 million for a minority stake," he said, but did not disclose how much equity the fund will pick up.

Pillai further said the investment marks a milestone for UST Global as it makes Temasek the first institutional investor in the company.

The city-based i-banker Avendus Capital was the advisor to UST Global.

Tricase Investment Holdings owns majority stake in the California-headquartered UST Global promoted by the Chandaria family. Praful, Indu and Paras Chandaria are on the board which is headed by Paras as the executive chairman.

The company was originally founded by GA Menon in 1998 in the Silicon Valley and offers digital technology solutions to over 50 Fortune 500 companies across various geographies with three regional headquarters in California, Singapore and London, and more than 35 offices around the world employing around Rs 18,000.

Apart from the US, the NRI-owned multinational has offices in Mexico, Britain, Spain, Poland, Malaysia, the Philippines, Singapore, and India and specialises in healthcare, retail, consumer goods, banking, insurance, telecom, media and transportation.

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

First Published: Wed, June 27 2018. 19:50 IST