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BT Group sells stake in Tech Mahindra

BT Group sells stake in Tech Mahindra
AFP
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First Published: Tue, Dec 14 2010. 01 33 PM IST
Updated: Tue, Dec 14 2010. 01 33 PM IST
London: British telecoms operator BT Group on Tuesday said it had completed the sale of part of its stake in Indian IT group Tech Mahindra for £63 million (€75 million , $100 million).
BT last month agreed to sell 5.5% of its holding in Tech Mahindra, or 6.9 million shares, to Mahindra and Mahindra (M&M).
“Following this sale, BT has a 24.4% shareholding in Tech Mahindra,” BT said in a statement.
“Tech Mahindra remains a key supplier to BT and, while further sales may be considered in the future, BT expects to continue to have a shareholding in Tech Mahindra for some time,” it added.
BT and M&M established a joint venture that became Tech Mahindra in 1986. Since that time, the Indian-listed business has grown to post annual revenues of above $1.0 billion.
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First Published: Tue, Dec 14 2010. 01 33 PM IST