Can you tell me about the latest acquisition made by Tech Mahindra in Europe?
Answer
Answer
Tech Mahindra, part of the M&M group, has just announced a mega acquisition of a 100% stake in CTC for EUR 330 million. In Indian rupee terms, that is roughly Rs.2,800 crore. Europe-based Com tec Co IT (CTC) acquisition by Tech Mahindra marks its biggest inorganic foray in the technology field since it bought Satyam back in 2010 after the crisis.
This deal is expected to bring in a lot of lateral synergies for Tech Mahindra. It will expand the digital engineering and insurance technology franchise of Tech Mahindra. TECHM has been looking to make a significant mark among the top ranked IT companies in India.