Tech Mahindra is an Indian multinational

information technology Information technology (IT) is a set of related fields within information and communications technology (ICT), that encompass computer systems, software, programming languages, data processing, data and information processing, and storage. Inf ...

services and

consulting A consultant (from "to deliberate") is a professional (also known as ''expert'', ''specialist'', see variations of meaning below) who provides advice or services in an area of specialization (generally to medium or large-size corporations). Cons ...

company. It was formed in 1986 as a

joint venture A joint venture (JV) is a business entity created by two or more parties, generally characterized by shared ownership, shared returns and risks, and shared governance. Companies typically pursue joint ventures for one of four reasons: to acce ...

between

Mahindra & Mahindra Mahindra & Mahindra is an Indian automobile manufacturing company headquartered in Mumbai, Maharashtra. It was established in 1945 as Mahindra & Mohammed and later renamed Mahindra & Mahindra. Part of the Mahindra Group, M&M is one of the lar ...

and

BT Group BT Group plc (formerly British Telecom) is a British Multinational corporation, multinational telecommunications holding company headquartered in London, England. It has operations in around 180 countries and is the largest provider of fixed-li ...

. Part of the

Mahindra Group Mahindra Group is an Indian multinational conglomerate, headquartered in Mumbai. The group has operations in over 100 countries, with a presence in aerospace, agribusiness, aftermarket automotive components, construction equipment, defen ...

, the company is headquartered in

Pune Pune ( ; , ISO 15919, ISO: ), previously spelled in English as Poona (List of renamed Indian cities and states#Maharashtra, the official name until 1978), is a city in the state of Maharashtra in the Deccan Plateau, Deccan plateau in Western ...

and has its registered office in

Mumbai Mumbai ( ; ), also known as Bombay ( ; its official name until 1995), is the capital city of the Indian state of Maharashtra. Mumbai is the financial capital and the most populous city proper of India with an estimated population of 12 ...

History

In 1986,

started a 60:40

technology services outsourcing firm with British Telecom named Mahindra British Telecom (MBT). In 2000, British Telecom committed business of at least £105 million over three years; as a consideration, British Telecom's stake in MBT increased to 43%. MBT primarily served the telecommunications industry in its early years, with British Telecom as its largest client. In 2006, MBT was renamed as Tech Mahindra, and it became a

public company A public company is a company whose ownership is organized via shares of share capital, stock which are intended to be freely traded on a stock exchange or in over-the-counter (finance), over-the-counter markets. A public (publicly traded) co ...

via an

initial public offering An initial public offering (IPO) or stock launch is a public offering in which shares of a company are sold to institutional investors and usually also to retail (individual) investors. An IPO is typically underwritten by one or more investm ...

. In December 2010, British Telecom sold 5.5% of its stake in Tech Mahindra to Mahindra & Mahindra for 451

crore Crore (; abbreviated cr) denotes the quantity ten million (107) and is equal to 100 lakh in the Indian numbering system. In many international contexts, the decimal quantity is formatted as 10,000,000, but when used in the context of the India ...

. In August 2012, British Telecom sold 14.1% of its stake to institutional investors for about 1,395 crore. In December 2012, British Telecom sold its remaining 9.1% stake to institutional investors for 1,011.4 crore. This sale marked the exit of British Telecom from Tech Mahindra.

Acquisition and merger of Satyam

After the Satyam scandal of 2008–09, Tech Mahindra emerged as the top bidder for a 31% stake in

Satyam Computer Services Mahindra Satyam (formerly Satyam Computer Services Limited) was an Indian information technology (IT) services company based in Hyderabad, India, offering software development, system maintenance, packaged software integration and engineering ...

, beating a bid from

Larsen & Toubro Larsen & Toubro Limited, abbreviated as L&T, is an Indian multinational conglomerate, with interests in industrial technology, heavy industry, engineering, construction, manufacturing, power, information technology, defence and financial se ...

. After evaluating the bids, the government-appointed board of Satyam Computer announced on April 13, 2009 that it had selected Venturbay Consultants Private Limited, a subsidiary of Tech Mahindra, as the highest bidder to acquire a controlling stake in the company. After the completion of the acquisition, Satyam Computer Services was renamed Mahindra Satyam in June 2009. Tech Mahindra announced its

merger Mergers and acquisitions (M&A) are business transactions in which the ownership of a company, business organization, or one of their operating units is transferred to or consolidated with another entity. They may happen through direct absorpt ...

with Mahindra Satyam on 21 March 2012, after getting approval of the two company boards. The new organization would be led by

Anand Mahindra Anand Gopal Mahindra (born 1 May 1955) is an Indian billionaire businessman, and the chairman of Mahindra Group, a Mumbai-based business conglomerate. The group operates in aerospace, agribusiness, aftermarket, automotive, components, construc ...

as Chairman, Vineet Nayyar as Vice Chairman, and C. P. Gurnani as the CEO and Managing Director. On 25 June 2013, Tech Mahindra announced the completion of its merger with Mahindra Satyam to create India's fifth largest software services company with a turnover of $2.7 billion. Mahindra Satyam was suspended from trading with effect from 4 July 2013, following the merger. After the completion of share swap, the stock exchanges approved the trading of new shares from 12 July 2013.

Later years

In 2014, Tech Mahindra acquired Lightbridge Communications Corporation (LCC), a telecom services company. In 2015, Tech Mahindra purchased a controlling stake in

Pininfarina Pininfarina S.p.A. (; ; short for Pininfarina Società per Azioni) is an Italian automotive design, car design firm and coachbuilder, with headquarters in Cambiano, Turin, Italy. The company was founded by Battista "Pinin" Farina in 1930. On 14 ...

S.p.A., an Italian automotive and industrial design company. Tech Mahindra announced the launch of its Automation Framework AQT (Automation, Quality, Time). By March 2016, Tech Mahindra's post-tax earnings had surpassed that of M&M. Tech Mahindra was ranked #5 in India's IT firms and overall No. 47 on Fortune India 500 list for 2019. In March 2021, Tech Mahindra partnered with US-based business intelligence analytics company ThoughtSpot. In October 2022 Tech Mahindra acquired 26% equity shares in Upendra Singh Multi Transmission Private Limited, allowing the company to procure 1.5 MW of

solar energy Solar energy is the radiant energy from the Sun's sunlight, light and heat, which can be harnessed using a range of technologies such as solar electricity, solar thermal energy (including solar water heating) and solar architecture. It is a ...

for its facilities in Noida. In 2023, Tech Mahindra and

FIDE The International Chess Federation or World Chess Federation, commonly referred to by its French acronym FIDE ( , ), is an international organization based in Switzerland that connects the various national chess federations and acts as the Spor ...

organized the Global Chess League, an over-the-board

rapid chess Fast chess, also known as speed chess, is a type of chess in which each player is given less time than classical chess time controls allow. Fast chess is subdivided, by decreasing time controls, into rapid chess, blitz chess, and bullet chess. A ...

league.

Acquisitions

Notable acquisitions by Tech Mahindra include:

Locations

Tech Mahindra has offices in around 50 countries.

References

External links

* {{Contract research organization, state=collapsed International information technology consulting firms Information technology consulting firms of India Software companies of India Companies established in 1986 Financial services companies based in Pune Outsourcing companies Outsourcing in India Mahindra Group 1986 establishments in Maharashtra Information technology companies of Bhubaneswar Information technology companies of India NIFTY 50 BSE SENSEX Companies listed on the Bombay Stock Exchange Companies listed on the National Stock Exchange of India