BT Group sells stake in Tech Mahindra
14 December 2010
British telecoms operator BT Group today said it had completed the sale of part of its stake in Indian IT group Tech Mahindra for £63 million pounds.
The company last month agreed to sell 5.5-per cent of its holding in Tech Mahindra or 6.9 million shares to Mahindra and Mahindra.
"Following this sale, BT has a 24.4-per cent shareholding in Tech Mahindra," BT said in a statement.
"Tech Mahindra remains a key supplier to BT and, while further sales may be considered in the future, BT expects to continue to have a shareholding in Tech Mahindra for some time," it added.
BT and M&M set up a joint venture that became Tech Mahindra in 1986 and since then, the Indian-listed business has grown to gross annual revenues in excess of $1.0 billion.
Tech Mahindra, a part of the $7.1-billion Mahindra Group, is one of the leading communications service providers in the world. In partnership with British Telecommunications plc (BT), the company is focused primarily on the telecommunications industry.
Tech Mahindra's capabilities span across a broad spectrum of activities, including Business Support Systems (BSS), Operations Support Systems (OSS), Network Design & Engineering, Next Generation Networks, Mobility Solutions, Security consulting and Testing.