Tech Mahindra forms JV with Saudi Arabia's Midad Holding

Tags: News
Tech Mahindra today said it has formed a joint venture with Midad Holding to provide IT and ITeS solutions in Saudi Arabia.

Midad will hold 51 per cent stake in the JV firm (to be called Tech Mahindra Arabia), while Tech Mahindra will hold the remaining 49 per cent share.

"Headquartered in Al Khobar, Tech Mahindra Arabia will also have a presence across major cities in Saudi Arabia and will be functional post the regulatory approvals," Tech Mahindra said in a statement.

Midad Holding is a subsidiary of Al Fozan, a diversified business group.

"Saudi Arabia has been a focus market for Tech Mahindra and we are excited about the economic potential the region has. This JV will establish the company as a leading player in providing IT and ITeS solutions," Tech Mahindra Managing Director and CEO C P Gurnani said.

Additionally, it will also provide exciting career opportunities in the Saudi region, he added.

Tech Mahindra, which has a presence in the region since 2006, offers services to customers across verticals like telecom, public sector, oil and gas, petrochemicals, utilities, manufacturing and BFSI.

The solutions will provide services in the areas of consulting, application development and management, network services, integration, engineering, managed services, remote infrastructure management, operational and maintenance services and BPO, it said.

"The purpose of the JV is to leverage Tech Mahindra's global expertise in IT while maximising local content," Midad Holding Managing Director and CEO Mohammed Al Baadi said.

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.

EDITORIAL OF THE DAY

  • The current value of the rupee does not merit market intervention

    The rupee, losing 40 paise per month against the dollar since May, is expected to remain under pressure till the calendar runs out on December 31, bef

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

Chander Mohan Sethi

CMD, Reckitt Benckiser India

COLUMNIST

Tushar Gandhi

Sustainable model for rural sanitation

Prime minister Narendra Modi has promised to build a toilet ...

Zehra Naqvi

How smells evoke strong memories

Remember that time when a passing fragrance transported you to ...

Dharmendra Khandal

Indian zoos need a fresh approach

Recently, when a man jumped in a tiger trench of ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture