Tech Mahindra is an Indian multinational company specializing in information technology (IT) and business process outsourcing (BPO) services on a global basis. It is a subsidiary of the mother company Mahindra and Mahindra Limited and is headquartered in Maharashtra, Pune.
Tech Mahindra defines itself as a company that changes the digital world, overthrows old ideas, innovates and creates connected experiences for a connected world. The company is known for its innovative and forward-looking ideas and platforms in the field of information technology (IT) and business process outsourcing (BPO) services.
BASIS OF MAHINDRA TECHNOLOGY
The company entered the Indian market in 1986 as a technology outsourcing company under a joint venture between Mahindra and Mahindra and British Telecom. Mahindra and Mahindra and British Telecom held 70% and 30% respectively of the company’s shares at the time of incorporation. In 2012, the UK telecommunications company had sold all its shares (5.5% to Mahindra and Mahindra for 451 croros in 2010, 14.1% to institutional investors for 1395 croros and 9.1% to institutional investors for 1011.4 croros in 2012).
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ACQUISITION BY SATYAM COMPUTERS AND MERGER WITH MAHINDRA SATYAM
After the discovery of a giant loophole in Satyam Computers Services Limited in 2008 and its public sale on the market, Tech Mahindra acquired Satyam Computers with a 31% stake in the company for Rs 58.90 crore. Venturbay Consultants Private Limited, a subsidiary controlled by Tech Mahindra Limited, acquired an interest and an executive function in the company with the approval of the Board of Directors of the company.
The 21st. In March 2012, Tech Mahindra merged with Mahindra Satyam to form a $2.5 billion IT company. After several legal challenges to the merger, Teh Mahindra obtained the approval of the Bombay Stock Exchange, the National Stock Exchange, the High Court of Andhra Pradesh and the Bombay High Court, making the merger legal. Shortly after the merger, An and Mahindra were appointed president of the company. The merger created India’s fifth largest software services company with sales of $2.7 billion.
MAHINDRA TECHNOLOGY COMMERCIAL PERFORMANCE 2014 – 2019
After 2014, the company continued to acquire numerous technology companies worldwide. In 2014, Lightbridge Communications Corporation (LCC), the world’s largest independent telecommunications company with a local presence in more than 50 countries, was acquired by Tech Mahindra. Similarly, SOFGEN Holdings, a Swiss IT company serving the financial services industry, was acquired by Tech Mahindra in 2015.
Tech Mahindra Arabia Ltd – a joint venture formed in 2017 by Tech Mahindra and Midad Holdings. Tech Mahindra is currently working with many of the world’s leading technology companies such as Huawei, Sony, HCL, etc. In September 2019, Tech Mahindra acquired the BORN Group, a New York-based digital content and production agency, for $95 million.
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CURRENT MARKET POSITION TECH MAHINDRA – INDIAN TECHNOLOGY AND COMPANY BPO
By 2020 Tek Mahindra will be present in more than 60 countries. In April 2020, Tech Mahindra was the main player in the Indian technology market with a turnover of $5.2 billion or ₹ 38,060.10 crore. The company’s business income in 2020 was ₹ 5,063.30 crore ($710 million), the company’s net income was ₹ 4,033.00 crore ($570 million). Tech Mahindra had total assets of ₹ 37,353.51 crore ($5.2 billion) and shareholder value of ₹ 21,813.07 crore ($3.1 billion) as of April 2020. Tech Mahindra directly employs 125,236 people in 90 countries around the world.
Currently, Anand Mahindra is the President of Tech Mahindra, while C P Gurnani is the CEO and Vinit Nayyar is the Vice President of the company.
Tech Mahindra is currently the fifth largest IT company in India and ranks 47th on the Fortune India 500 list for 2019.
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