Tech Mahindra forms joint venture with Sumitomo Corp

In this news, we discuss the Tech Mahindra forms joint venture with Sumitomo Corp.

IT company Tech Mahindra has signed an agreement with Japanese firm Sumitomo Corporation to form a joint venture to provide engineering services to the automotive industry, a company official said on Friday. The two companies will have an equal stake in the joint venture.

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

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

News Highlights:

  • IT company Tech Mahindra has signed an agreement with Japanese firm Sumitomo Corporation to form a joint venture to provide engineering services to the automotive industry, a company official said on Friday. The two companies will have an equal stake in the joint venture. “Japan is a strategic market for Tech Mahindra and we are delighted to partner with a globally diverse group like Sumitomo Corporation.
  • Tech Mahindra forms joint venture with Sumitomo Corp
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