Infosys Ltd. on Thursday said it has formed a joint venture with Temasek, Singapore-based investment firm, for expanding its presence in Southeast Asia. The state investor Temasek will aim at enhancing its IT services via the joint venture.
As per the statement by Infosys, in the joint venture Infosys will hold a 60% stake and Temasek 40%.
The venture will result in the integration of Infosys' teams and the operations of Trusted Source Pte Ltd, the unit of Temasek in Singapore, engaged in delivering IT services to Temasek as well other clients.
The new joint venture company, with headquarters in Singapore, will have a workforce of 200 employees and contractors from Trusted Source whereas headcount of Infosys will associate over time.
"Infosys will leverage its digital skills, learning capabilities and transformation experience to help enhance operations across Temasek's global business. Our joint venture with Temasek will accelerate our efforts in the region, enhancing our existing presence, as we help clients navigate the next journey in their business transformation", said Mohit Joshi- President, Infosys.
For the new venture, the company has appointed Shveta Arora, Infosys vice president and regional head in South East Asia, as its Chief Executive officer.
The financial consideration of the deal is worth SGD 12 million and the all-cash transaction is expected to complete by March 31, 2019.