Mumbai: Information technology (IT) services firm Infosys Ltd has formed a joint venture (JV) with Singapore-based global investment firm Temasek, the company said on Friday.
The joint venture will integrate teams from Infosys and the operations of the Temasek-owned subsidiary in Singapore Trusted Source Pte Ltd, which delivers IT services to Temasek and several other clients.
Infosys will acquire a 60% stake in the JV, while Temasek will hold 40%.
Incorporated in 1974, Temasek today has offices in 11 locations in Asia, Americas and Europe and had assets under management of $235 billion
“Infosys and Temasek see important synergy and strategic alignment in the JV. Infosys gains significant capacity in terms of workforce as it focuses on strengthening its footprint in Southeast Asia, while Temasek will see a rapid enhancement of its IT services through the augmented capabilities of the JV entity," according to the statement by the company.
Trusted Source will provide services across cloud, data and analytics, cybersecurity, digital experiences and AI and automation.
“Infosys will leverage its digital skills, learning capabilities and transformation experience to help enhance operations across Temasek’s global business. Our joint venture with Temasek will accelerate our efforts in the region, enhancing our existing presence, as we help clients navigate the next journey in their business transformation. This development is a key element of our continued efforts to invest and have a presence in the regions in which we operate," said Mohit Joshi, president at Infosys.
Infosys and Temasek have named Shveta Arora as chief executive of the JV. The joint venture will be headquartered in Singapore and more than 200 employees and contractors from Trusted Source will be part of it, in addition to Infosys staff who will join over time, according to the statement.
“The partnership will also help unlock new capabilities and technology platforms that help Temasek as the organisation continues our growth as a Singapore-headquartered investor, with a global presence," said Jon Allaway, chief technology officer at Temasek.
Temasek is a major investor in India with an India portfolio of around $10 billion as of 31 March, with an average yearly investment of $1 billion in the last five years. In the first quarter of the current fiscal, Temasek invested $1.5 billion in India.
On Friday, shares of Infosys closed at ₹ 733.15, up by 0.71% on BSE, while the benchmark Sensex closed at 38,389.82 points, up 0.38%.