Tech Mahindra Ltd.

Tech Mahindra has received approval for proposal to acquire 18.1% Equity Shares each of Infotek Software and Systems and Vitaran Electronics. The objective is to leverage the presence of the companies in the Radio-frequency Identification (RFID) space in building a strong footprint in the asset monitoring, tracking and automated billing solutions space.

The investment will also help to expand the company’s solution portfolio to cater to the smart city projects. The cost of acquisition of shares is Rs 130 million. The Investment committee of Board of Directors of the Company has approved the same.

Tech Mahindra is a leading provider of solutions and services to the telecommunications industry with a majority stake owned by Mahindra & Mahindra. The company, since 2002 has operations in China with offices in Beijing, Shanghai, Nanjing and Guangzhou.