Now, HGS has become the wholly owned subsidiary of Tech Mahindra Ltd. This equity buyout will augur a near USD 1 Bn business in key markets, company said in the press release.
This acquisition builds on the significant relationship between Tech Mahindra and the Hutchison group across multiple countries. The acquisition will provide significant enhancement of Tech Mahindra's expertise in the customer management space and will thus be a key component of its strategic plans going forward.
As part of the deal, the clients of Hutchison Global Services have committed to procure services worth US$ 845 million over a 5 year period, and have agreed to Hutchison Global Services being their exclusive provider of certain agreed services in India
"This acquisition is in line with our growth plans and is a logical next step in extending our relationship with Hutchison. We are committed to this opportunity and excited about the possibilities this acquisition opens up," said Vineet Nayyar, Executive Vice Chairman, Tech Mahindra.
The shares of the company was seen marginally lower by 0.06% at Rs 820 on BSE at 9.40 am IST.