Information technology company said on Monday that it would acquire the stakes of Falcorp Technologies, its joint venture partner in South Africa, for 62 million Rand (Rs 30 crore). Tech Mahindra has signed an agreement to acquire 49% equity shares in Tech Mahindra South Africa Limited and 4% equity shares in Tech Mahindra Holdco Pty Ltd.
“The partner in the JV Falcorp Technologies Proprietary Limited is exiting the JV, and the shareholding is being acquired in terms of the JV agreement entered into earlier,” said Tech Mahindra in a statement to the exchanges.
Tech Mahindra South Africa (Pty) Limited was set up as a Joint Venture in 2012 between
, India and Falcorp Technologies. Tech Mahindra held 51% shares in the Joint Venture.
Tech Mahindra Holdco Pty Ltd was set up with a holding of 96% shares. It does not have any revenue being a holding company.
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