Tech Mahindra acquires its two South African joint ventures for Rs 30 crore

New Delhi: Tech Mahindra on Monday said it acquired entire stakes in its two South African joint ventures -- Tech Mahindra South (Pty) Limited and Tech Mahindra Holdco Pty Ltd -- for about Rs 30 crore.

According to a BSE filing, the company will acquire 49 per cent stake in Tech Mahindra South (Pty) and 4 per cent in Mahindra Holdco Pty Ltd from its partner Falcorp Technologies which is exiting the joint venture.

Tech Mahindra has acquired stake on immediate basis in these two companies in cash transaction amounting to 62 million South African Rand or about Rs 29.69 crore, according to the filing.