Tech Mahindra forms JV with Saudi Arabia's Midad Holding
Jul 02 2014 , New Delhi
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.