By Andy Sambidge
Tech Mahindra Ltd signs agreement with Midad Holding to boost services in Gulf kingdom
Indian IT giant Tech Mahindra Ltd has announced that it has signed a joint venture agreement with Midad Holding to develop its presence in Saudi Arabia.
The JV will be called Tech Mahindra Arabia, with Tech Mahindra holding a 51 percent stake and Midad holding 49 percent.
Headquartered in Al Khobar, Tech Mahindra Arabia will also have presence across other major cities in Saudi and will be functional once regulatory approvals have been completed, a statement said.
"The regional strength of Midad Holding and the global connectivity of Tech Mahindra will create a synergic value proposition for customers in Saudi Arabia," the statement added.
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."
Tech Mahindra Arabia said it will provide range of information technology (IT) and IT-enabled services (ITES) to cater to the established and emerging sectors in the Gulf kingdom.
Mohammed Al Baadi, managing director & CEO, Midad Holding added: "Part of Midad Holding's model is to partner with global leaders providing game changing solutions that add value and address the challenges facing Saudi Customers. The purpose of the joint venture is to leverage Tech Mahindra's global expertise in information technology while maximising local content."
Tech Mahindra is a $3.1 billion company with a workforce of over 89,000 across 51 countries, providing services to 629 global customers including Fortune 500 companies.