Tech Mahindra Signs Agreement To Form Joint Venture With Sumitomo Corp

IT company Tech Mahindra has signed an agreement with Japan-based Sumitomo Corporation for setting up a joint venture to provide engineering service to the automotive sector, a company official said on Friday.

Both the companies will hold an equal stake in the joint venture.

"Japan is a strategic market for Tech Mahindra and we are delighted to partner with a globally diversified group like Sumitomo Corporation. The joint venture is subject to regulatory filings and approvals, and we will elaborate on the details of our plans post such approvals," Vivek Agarwal, Global Head, Enterprise Verticals Solutions and Portfolio Companies, Tech Mahindra told PTI.

Each of the joint venture partners will initially subscribe to 2,000 ordinary shares and contribute around 7 crore towards capital.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor