Today one of the IT giants, Tech Mahindra has announced that it will procure Czech Republic based engineering service firm, Inter-Informatics. The company will be acquired for 8 Crore INR with its hands-on its one hundred percent shares.
Inter-Informatics is working in Czech Republic & Romania, the revenue accounted in the year 2017 was USD 10.7 million. The investment in purchasing the firm will be done by Mahindra Engineering Services (Europe) Limited a subsidiary of Tech Mahindra.
Tech Mahindra said during regulatory documenting, that the proposal of acquiring 100 percent shares of Inter-Informatics was passed by the investment committee of the board of directors.
As per the documentation the proposal was signed today and is anticipated to shut by September 15. The documentation said, “The firm estimated Euro 5.4 million (about Rs 8 crore) in the deal, the deal will boost company’s presence in engineering sector and furthermore give highly talented team focused on Aerospace dimension.”