Tech Mahindra a specialist provider of connected solutions has announced that it has signed a joint venture agreement with Midad Holding, which is a subsidiary of Al Fozan, a preeminent group with diversified business interests in Saudi Arabia.
The venture will be called Tech Mahindra Arabia. Tech Mahindra will have 51 per cent ownership while Midad will own 49 per cent stake. Headquartered in Al Khobar Tech Mahindra Arabia will also have presence across other major cities in Saudi and will be functional post the regulatory approvals. The regional strength of Midad Holding and the global connectivity of Tech Mahindra will create a synergic value proposition for customers in KSA.
CP Gurnani, managing director and CEO, Tech Mahindra Limited said: “Saudi Arabia has been a focus market for Tech Mahindra and we are excited about the economic growth potential the region has. This joint venture will establish the company as a leading player in providing IT and ITeS solutions. Additionally it will also provide exciting career opportunities for the talented men and women in Saudi region.”
GB Kumar, vice-president and Geo Head, Middle East and North Africa, Tech Mahindra Limited, said, “Saudi Arabia is the region’s largest economy. Tech Mahindra Arabia will pave the way for exponential growth by solving the business and technical challenges of customers from Telecom, Public Sector, Oil & Gas, Petrochemicals, Utilities, Manufacturing and BFSI segments. Our differentiating strengths in Networking, Mobility, analytics, cloud and security will be of key importance in bringing value to Saudi customers”.
Tech Mahindra Arabia will provide gamut of Information Technology (IT) and IT-enabled services (ITES) to cater to the established and emerging sectors in KSA. The solutions would aim to provide services in the areas of consulting, application development and management, network services, integration, engineering, managed services, remote infrastructure management, operational & maintenance services and business process outsourcing.
— business@khaleejtimes.com