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August 27, 2008

BT to sell Tech Mahindra stake

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by David Allen

The Financial Times has reported that BT is considering selling its 31% stake in India-based software services company Tech Mahindra.

Sources say BT has decided that the shares do not fit in to the company’s long term strategy.

Tech Mahindra, a joint venture between BT and Mahindra & Mahindra Ltd, has a market capitalisation of around $2.2 billion, and a number of global buyout firms are likely to be interested if BT is selling up.

Responding to the report, BT said in a statement that it does not comment on rumours.

Tech Mahindra designs software for telecom service providers including BT, AT&T, Alcatel, and Vodafone. The company has yet to respond to the report.

Story link: BT to sell Tech Mahindra stake

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