FINANCIAL NEWS

Indian Tech Mahindra, Saudi Midad Holding sign deal

25 Jul 2014

(MENAFN) Indian IT giant Tech Mahindra Ltd has signed a joint venture with Midad Holding to expand its existence in Saudi Arabia, according to Arabian Business.

The JV will be called Tech Mahindra Arabia, with Tech Mahindra holding a 51 percent stake and Midad holding 49 percent.

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.”

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