Tech Mahindra seeks partnership in Middle East for expansion

tech mahindraTech Mahindra is reportedly looking to expand in the oil and gas, banking and financial services sectors in the Middle East. (Image source: Tech Mahindra) Indian technology company Tech Mahindra is in talks for joint ventures in Iraq and Algeria to expand its presence in the Middle East

Top officials have stated that the company is looking to grow in the oil and gas, banking and financial services sectors.

GB Kumar, vice-president and geo head for Middle East, Turkey and Africa, said, ”We are going through partners beyond our focus countries.”

He also said that the expenditure made by the Gulf expenditure powers Tech Mahindra’s regional operations. The company stated that it is buoyant on the Turkish economy despite a shaky year with countrywide protests.

“Our focus has been in the manufacturing fast moving consumer goods (FMCG) sector as well as energy utilities. We have seen very good momentum in that market,” added Kumar.

Tech Mahindra reported a 38.6 per cent rise in after-tax profit of US$498mn for the financial year ending 31 March 2014. Its earnings increased 22.1 per cent to US$687mn and its revenue rose 17.7 per cent to US$3bn, the company said.

Alain Charles Publishing, University House, 11-13 Lower Grosvenor Place, London, SW1W 0EX, UK
T: +44 20 7834 7676, F: +44 20 7973 0076, W:

twn Are you sure that you want to switch to desktop version?