Tech Mahindra Limited (TML) has informed the exchange that the Investment Committee of the Board of Directors of the Company has approved the proposal to acquire a shareholding in Altiostar Networks, Inc., USA through its Wholly Owned Subsidiary, i.e., Tech Mahindra (Americas) Inc, USA.

Altiostar Networks, Inc, is a US-based telecommunications company, founded in 2011 by Mr. Ashraf Dahod. The company has its presence in six countries in Europe, APAC and LATAM regions. Headquartered in Tewksbury, USA, the company also has its presence in UK, Germany, India, Mexico, Argentina, and Israel. The company has approximately 220 employees.

It is a portfolio investment from Tech Mahindra. Tech Mahindra through its wholly owned subsidiary Tech Mahindra (Americas) Inc, is investing an amount of USD 15million in return for a 17.50% shareholding in Altiostar on a fully diluted basis.

The investment is expected to be completed by January 19, 2018.