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Tech Mahindra

Tech Mahindra is an Indian multinational information technology services and consulting company. It was formed in 1986 as a joint venture between Mahindra & Mahindra and BT Group. Part of the Mahindra Group, the company is headquartered in Pune and has its registered office in Mumbai.[6]

History

In 1986, Mahindra & Mahindra started a 60:40 joint venture technology services outsourcing firm with British Telecom named Mahindra British Telecom (MBT). In 2000, British Telecom committed business of at least £105 million over three years; as a consideration, British Telecom's stake in MBT increased to 43%.[7] MBT primarily served the telecommunications industry in its early years, with British Telecom as its largest client.[8]

In 2006, MBT was renamed as Tech Mahindra,[9] and it became a publicly-listed company via an initial public offering.[10] In December 2010, British Telecom sold 5.5% of its stake in Tech Mahindra to Mahindra & Mahindra for ₹451 crore.[11] In August 2012, British Telecom sold 14.1% of its stake to institutional investors for about ₹1,395 crore. In December 2012, British Telecom sold its remaining 9.1% stake to institutional investors for ₹1,011.4 crore. This sale marked the exit of British Telecom from Tech Mahindra.[12]

Acquisition and merger of Satyam

In the aftermath of the Satyam scandal, Tech Mahindra emerged as the top bidder for a 31% controlling stake in Satyam Computer Services, beating a bid from Larsen & Toubro, in April 2009.[13][14] After the completion of the acquisition, Satyam Computer Services was renamed Mahindra Satyam in June 2009.[15] Tech Mahindra's stake in Satyam increased to 42% through a preferential share allotment in July 2009.[16]

In 2010, Mahindra Satyam and Morpho were awarded a contract by UIDAI to implement the biometric identification system for the Aadhaar programme.[17] Mahindra Satyam, along with Tech Mahindra, was the official IT services provider for the 2010 and 2014 FIFA World Cups.[18][19]

Tech Mahindra announced its merger with Mahindra Satyam on 21 March 2012, after getting approval of the two company boards.[20] The new organization would be led by Anand Mahindra as Chairman, Vineet Nayyar as Vice Chairman, and C. P. Gurnani as the CEO and Managing Director.[21][22] On 25 June 2013, Tech Mahindra completed the merger to become India's fifth largest software services company with a turnover of $2.7 billion.[23][24][25] The merger diversified Tech Mahindra's revenue mix, with the telecommunication vertical's share declining from over 90% in 2009[26] to 47% in 2013.[27][28]

Later years

In 2013, Mahindra Group company Mahindra Engineering Services (MES) merged with Tech Mahindra.[29]

In 2015, Tech Mahindra and Mahindra & Mahindra (M&M) jointly purchased a controlling stake in Pininfarina S.p.A., an Italian automotive and industrial design company.[30] By March 2016, Tech Mahindra's post-tax earnings had surpassed that of M&M.[31]

Tech Mahindra was ranked 5th among India's IT firms and overall 47th on the Fortune India 500 list for 2019.[32]

Since 2023, Tech Mahindra and FIDE have organized the Global Chess League, an over-the-board rapid chess league.[33][34]

In 2025, Tech Mahindra was one of the eight entities selected by the IndiaAI Mission to develop a sovereign foundation LLM.[35]

Acquisitions

Notable acquisitions by Tech Mahindra include:

Operations

For the year ended March 2025, the company derived 85.9% of its revenue from IT consulting, software application development and maintenance services, and the remaining 14.1% from business process services and outsourcing.[61]

Financials

See also

  • Big Tech (India)
  • List of Indian IT companies
  • Fortune India 500
  • Software industry in Telangana

External links

References

  1. Tech Mahindra appoints Mohit Joshi as MD & CEO designate 11 March 2023^
  2. Experts call for building digital infra, upskilling to tap IT talent in small cities 16 Feb 2025^
  3. This Indian IT company added highest number of employees in second quarter of FY2025 among the Top 5 IT companies in India 23 Oct 2024^
  4. Dhanya Nagasundaram. Tech Mahindra Q4 Results: Cons PAT soars 76.5% YoY to ₹1,166.7 crore Mint, 24 April 2025, retrieved 24 April 2025^
  5. Consolidated Financial Results for the quarter and audited results for the year ended March 31, 2025 Tech Mahindra, retrieved 24 April 2025^
  6. Tech Mahindra techmahindra.com, TechMahindra, retrieved January 1, 2018^
  7. British Telecom commits Rs 7250/- million business to MBT over three years Rediff, retrieved 9 September 2024^
  8. Tech Mahindra bags $700 mn deal from British Telecom The Economic Times, 16 May 2008, retrieved 9 September 2024^
  9. MBT to be renamed Tech Mahindra Business Standard, 14 February 2006, retrieved 5 September 2024^
  10. Tech Mahindra sets IPO price band at Rs 315-Rs 365 The Economic Times, 27 July 2006, retrieved 5 September 2024^
  11. BT Group to exit from Tech Mahindra, directors resign Economic Times, 24 December 2011, retrieved 4 July 2015^
  12. BT exits Tech Mahindra The Hindu, 12 December 2012, retrieved 4 July 2015^
  13. Tech Mahindra wins Satyam Computer bid IBNLive^
  14. Tech Mahindra wins Satyam bid India Today, 12 April 2009^
  15. Satyam renamed as Mahindra Satyam Business Standard, 22 June 2009, retrieved 5 September 2024^
  16. Tech M now has 42% stake in Satyam Business Standard, 2 July 2009, retrieved 19 July 2025^
  17. Mahindra Satyam, Morpho selected as key partners for UIDAI The Economic Times, 30 July 2010, retrieved 19 July 2025^
  18. Scott Shuey. Mahindra Satyam gets major brand boost through World Cup Gulf News, 12 June 2010, retrieved 19 July 2025^
  19. TechM kicked about World Cup ties BusinessLine, 16 June 2014, retrieved 19 July 2025^
  20. Tech Mahindra, Satyam get nod to merge 21 March 2012^
  21. M-Satyam, Tech Mahindra hope to merge in four weeks 11 June 2013^
  22. MSat-Tech Mahindra merger gets court nod The Hindu, June 11, 2013^
  23. Mahindra Satyam merges with Tech Mahindra; becomes 5th biggest IT firm retrieved 2013-06-25^
  24. Tech Mahindra, Satyam Computer complete merger 25 June 2013^
  25. 1:8.5 swap for Tech Mahindra, Mahindra Satyam merger The Hindu, June 25, 2013^
  26. Santanu Mishra. Headwinds in telecom impact Tech Mahindra’s Q4 The Economic Times, 28 April 2009, retrieved 19 July 2025^
  27. Kunal N. Talgeri. Inside the merger! Fortune India, 5 December 2012, retrieved 19 July 2025^
  28. Annual Report 2013-14 Tech Mahindra, 27 June 2014, retrieved 19 July 2025^
  29. Zahra Khan. Mahindra Engineering to merge with Tech Mahindra Mint, 29 November 2013, retrieved 19 July 2025^
  30. Tech Mahindra set to acquire Italian car design company Pininfarina timesofindia-economictimes, retrieved 22 December 2015^
  31. TECHM Shareholding Pattern - Tech Mahindra Ltd Stock fintel.io, retrieved 2020-06-28^
  32. Tech Mahindra - Fortune 500 List 2019 Fortune, retrieved 2 August 2020^
  33. FIDE and Tech Mahindra Announce Dates for First & Biggest Global Chess League www.fide.com, retrieved 2023-08-06^
  34. Tech Mahindra, FIDE join hands for franchisee-based chess competition Business Standard^
  35. Debangana Ghosh. Tech Mahindra developing 1-trillion-parameter sovereign LLM under IndiaAI Mission Moneycontrol, retrieved 30 December 2025^
  36. Mahindra British buys Axes Tech for $54m The Economic Times, 17 November 2005, retrieved 9 September 2024^
  37. Tech Mahindra buys US co iPolicy Inc Rediff, retrieved 9 September 2024^
  38. Tech Mahindra completes Satyam merger VCCircle, retrieved 9 September 2024^
  39. N. Shivapriya. Tech Mahindra announces acquisition Hutchison Global Services for $ 87 million The Economic Times, 4 September 2012, retrieved 5 September 2024^
  40. Tech Mahindra buys 51% of Bharti Group's mobile VAS firm Comviva for $48M VCCircle, retrieved 5 September 2024^
  41. Tech Mahindra acquires 100% stake in Lightbridge Communications Mint, retrieved 5 September 2024^
  42. Tech Mahindra to acquire Swiss firm SOFGEN Holdings timesofindia-economictimes, retrieved 15 January 2015^
  43. Akbar Merchant. Mahindra acquires Pininfarina design house Autocar India, 14 December 2015, retrieved 5 September 2024^
  44. Tech Mahindra to acquire UK's Target Group for up to $175 mn VCCircle, retrieved 5 September 2024^
  45. Tech Mahindra acquires UK's The BIO Agency BusinessLine, 22 June 2016, retrieved 11 April 2025^
  46. Azman Usmani. Tech Mahindra To Acquire U.S.-Based Healthcare IT Consulting Firm, HCI Group NDTV Profit, 6 March 2017, retrieved 5 September 2024^
  47. Tech Mahindra Acquires Leading Strategic Design Consultancy, Mad*Pow Tech Mahindra, 30 July 2019, retrieved 4 November 2025^
  48. M. Sriram. Tech Mahindra acquires New York-based BORN Group for $95 million Mint, 2019-11-05, retrieved 2019-11-26^
  49. Tech Mahindra to acquire Zen3 Infosolutions for Rs 460 crore in all-cash deal Business Today, 24 February 2020, retrieved 5 September 2024^
  50. Narinder Kapur. Tech Mahindra tweaks terms to acquire Cerium Systems, Zen3 Infosolutions VCCircle, 13 April 2020, retrieved 19 July 2025^
  51. Ayushman Baruah. Tech Mahindra acquires Momenton and Tenzing to boost financial services biz Mint, 27 October 2020, retrieved 11 April 2025^
  52. Tech Mahindra acquires 70% stake in Dublin-based Perigord for $25.06 million Financial Express, 16 March 2021, retrieved 11 April 2025^
  53. Tech Mahindra acquires DigitalOnUS for $120 million BusinessLine, 20 April 2021, retrieved 5 September 2024^
  54. Tech Mahindra to acquire Eventus Solutions Group for up to $44 million The Economic Times, 26 April 2021, retrieved 5 September 2024^
  55. Tech Mahindra acquires US cloud consulting firm Brainscale Business Standard, retrieved 5 September 2024^
  56. Tech Mahindra acquires Lodestone, WMW The Economic Times, 25 October 2021, retrieved 5 September 2024^
  57. Tech Mahindra buys Activus Mint, retrieved 5 September 2024^
  58. Tech Mahindra to acquire 100% stake in US-based Allyis Group Mint, retrieved 5 September 2024^
  59. Tech Mahindra Acquires Com Tec Co IT Ltd and invests in two InsurTech platforms The Economic Times, 17 January 2022, retrieved 5 September 2024^
  60. Tech Mahindra to completely acquire Thirdware for Rs 320 cr Business Standard, retrieved 5 September 2024^
  61. Integrated Annual Report 2024-25 Tech Mahindra, retrieved 16 October 2025^
  62. Tech Mahindra Stock Shares Price retrieved 2025-10-31^