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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.