Tech Mahindra
IndustryInformation technology
Founded24 October 1986; 36 years ago (24 October 1986)
FounderAnand Mahindra
HeadquartersPune, Maharashtra, India[1]
Area served
Key people
RevenueIncrease 53,255.20 crore (US$6.7 billion)[3] (2023)
Increase 5,835.10 crore (US$730 million)[3] (2023)
Increase 4,831.30 crore (US$610 million)[3] (2023)
Total assetsIncrease 46,153.30 crore (US$5.8 billion)[3] (2023)
Total equityIncrease 27,924.50 crore (US$3.5 billion)[3] (2023)
Number of employees
152,400 (March 2023)[4]
ParentMahindra Group
Footnotes / references

Tech Mahindra is an Indian multinational information technology services and consulting company. Part of the Mahindra Group, the company is headquartered in Pune and has its registered office in Mumbai. Tech Mahindra is a US$6.0 billion company[6][7] with over 158,000 employees across 90 countries.[4] The company was ranked #5 in India's IT firms and overall #47 on Fortune India 500 list for 2019.[8]

On 25 June 2013, Tech Mahindra announced the completion of a merger with Mahindra Satyam. Tech Mahindra is one of the top Big Tech (India) companies.[9] Tech Mahindra has 1,262 active clients as of June 2022.[4]


Mahindra & Mahindra started a joint venture with British Telecom in 1986 as a technology outsourcing firm. British Telecom initially had around a 30 percent stake in Tech Mahindra. In December 2010, British Telecom sold 5.5 percent of its stake in Tech Mahindra to Mahindra & Mahindra for Rs. 451 crore.[10] In August 2012, British Telecom sold 14.1 percent of its stake to institutional investors for about Rs. 1,395 crore. In December 2012, British Telecom sold its remaining 9.1 per cent (11.6 million shares) shareholding to institutional investors for a total gross cash proceeds of Rs. 1,011.4 crores. This sale marked the exit of British Telecom from Tech Mahindra.[11]

Acquisition of Satyam Computer Services Ltd.

After the Satyam scandal of 2008–09, Tech Mahindra bid for Satyam Computer Services, and emerged as a top bidder with an offer of INR 58.90 a share for a 31 percent stake in the company, beating a strong rival, Larsen & Toubro.[12] After evaluating the bids, the government-appointed board of Satyam Computer announced on April 13, 2009: "its Board of Directors has selected Venturbay Consultants Private Limited, a subsidiary controlled by Tech Mahindra Limited, as the highest bidder to acquire a controlling stake in the Company, subject to the approval of the Hon'ble Company Law Board."[13]

Merger with Mahindra Satyam

Mahindra Group V-C Anand Mahindra
Mahindra Group V-C Anand Mahindra

Tech Mahindra announced its merger with Mahindra Satyam on March 21, 2012, after getting approval of the two company boards to create an IT company worth US$2.5 billion.[14][15] The two firms had received the go-ahead for the merger from the Bombay Stock Exchange and the National Stock Exchange.[16] On June 11, 2013, Andhra Pradesh High Court gave its approval for merging Mahindra Satyam with Tech Mahindra, after getting approval from the Bombay high court.[17][18][19][20] Vineet Nayyar said that technical approvals from the Registrar of Companies in Andhra Pradesh and Maharashtra are required which will be done in two to four weeks, and within eight weeks, the new merged entity would be in place. 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][23] On June 25, 2013, Tech Mahindra announced the completion of its merger with Mahindra Satyam to create the nation's fifth largest software services company with a turnover of US$2.7 billion.[24][25] Tech Mahindra got the approval from the registrar of companies for the merger at 11:45 pm on June 24, 2013. July 5, 2013 has been determined as record date on which the Satyam Computer Services ('Mahindra Satyam') shares will be swapped for Tech Mahindra shares under the approved scheme.[26] Mahindra Satyam (Satyam Computer Services), was suspended from trading with effect from July 4, 2013, following the merger.[27] Tech Mahindra completed share swap and allocated its shares to the shareholders of Satyam Computer Services on July 12, 2013.[28] The stock exchanges have accorded their approval for trading the new shares with effect from July 12, 2013 onwards. Tech Mahindra posted net profit of INR 686 crore for the first quarter ended June 30, 2013, up 27% compared to the corresponding quarter the previous year.[29][30][31]

Later years

In 2014, Tech Mahindra acquired Lightbridge Communications Corporation (LCC), one of the largest independent telecom services companies in the world with local presence in over 50 countries. In 2015, Tech Mahindra acquired SOFGEN Holdings, a 450-employee Swiss IT firm serving the financial services industry[32][33] Tech Mahindra purchased a controlling stake in Pininfarina S.p.A., an Italian brand in automotive and industrial design[34] Tech Mahindra announced the launch of its Automation Framework AQT (Automation, Quality, Time)[35] By March 2016, Tech Mahindra's post-tax earnings had surged past that of M&M.[36] Tech Mahindra said it would buy financial technology firm Target Group to boost its platform business process-as-a-service offering in the banking sector.[37] In 2017, Tech Mahindra and Midad Holdings, a part of diversified business conglomerate Al Fozan Group announced the launch of a joint venture, Tech Mahindra Arabia Ltd.[38] On the basis of a global partnership agreement signed, Tech Mahindra will market Huawei's enterprise products and services across 44 countries including India.[39] Tech Mahindra announced that it has signed a definitive agreement to acquire CJS Solutions Group LLC, a US-based healthcare Information Technology consulting company which does business as (DBA) “The HCI Group.”[40] In 2019, Tech Mahindra acquired DynaCommerce BV.[41][42] Tech Mahindra, during September 2019, has acquired BORN Group, a New York City based digital content and production agency, for $95 million in an all-cash deal.[43][44]

In March 2021, Tech Mahindra partnered with US-based business intelligence analytics company ThoughtSpot.[45] In April 2021, Tech Mahindra acquired US-based DigitalOnUs, a hybrid cloud and DevOps services provider for $120 million. In June 2021, Tech Mahindra also acquired another US-based (New Jersey) Brainscale Inc.,[46] a leading cloud consulting and cloud transformation service provider for $30 million, and Colorado-based Eventus solutions group for $44 million. Overall, spending around $230 million to buy 5 companies in the year 2021 itself.

Tech Mahindra Limited has entered into share subscription agreement to acquire 26% equity shares in Upendra Singh Multi Transmission Private Limited. The acquisition would enable the Company to procure 1.5 MW of Solar Energy for its captive consumption at its facilities located in Noida, UP.[47]

Mohit Joshi is scheduled to join Tech Mahindra as the new MD and CEO on December 20, 2023,[48] which is well in advance of Gurnani's retirement date.[49][50]


Tech Mahindra has offices in more than 60 countries.[51][52][53]

See also


  1. ^ "Satyam is history: Mahindra Group merges Satyam with Tech Mahindra". Archived from the original on 15 January 2016.
  2. ^ "board of directors".
  3. ^ a b c d e "TechMahindra Profit and loss statement".
  4. ^ a b c "Tech Mahindra Attrition rate". cnbctv18.
  5. ^ "Tech Mahindra Q4 results for 2018" (PDF). Tech Mahindra. 17 April 2019. Retrieved 3 September 2018.[permanent dead link]
  6. ^ "Tech Mahindra". TechMahindra. Retrieved 1 January 2018.
  7. ^ "Tech Mahindra & U.S. Based Orbic Partner to Develop a '5G Device Portfolio' For the Global Markets". AP NEWS. 27 February 2019. Retrieved 25 March 2019.
  8. ^ "Tech Mahindra - Fortune 500 List 2019". Fortune. Archived 2 March 2022 at the Wayback Machine
  9. ^ "1:8.5 swap for Tech Mahindra, Mahindra Satyam merger". The Hindu. Chennai, India. 25 June 2013.
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  11. ^ "BT exits Tech Mahindra". The Hindu. 12 December 2012. Retrieved 4 July 2015.
  12. ^ "Tech Mahindra wins Satyam Computer bid". IBNLive. Archived from the original on 16 April 2009.
  13. ^ "Tech Mahindra wins Satyam bid". India Today. 12 April 2009.
  14. ^ "Rising wages can harm Indian IT companies: Vineet Nayyar, Vice-Chairman, Tech Mahindra". timesofindia-economictimes.
  15. ^ "Tech Mahindra, Satyam get nod to merge".
  16. ^ Kurmanath, K. V. "Mahindra Satyam-TechM to take 150 top leaders to Bangkok". businessline. Archived from the original on 15 March 2014.
  17. ^ "Mahindra Satyam, Tech Mahindra merger gets AP High Court's nod". The Times of India. Archived from the original on 28 September 2013.
  18. ^ "Andhra Pradesh High Court clears merger of Mahindra Satyam with Tech Mahindra". The Times Of India. 11 June 2013.
  19. ^ "Mahindra Satyam waits for Court order for merger". The Hindu. Chennai, India. 17 May 2013.
  20. ^ "Decks cleared for end of Satyam | Deccan Chronicle". Archived from the original on 3 October 2013. Retrieved 2013-06-12.
  21. ^ "M-Satyam, Tech Mahindra hope to merge in four weeks".
  22. ^ "Will complete Tech Mah, Satyam merger in 8 weeks: Nayyar". 11 June 2013.
  23. ^ "MSat-Tech Mahindra merger gets court nod". The Hindu. Chennai, India. 11 June 2013.
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  25. ^ "Tech Mahindra, Satyam Computer complete merger". 25 June 2013.
  26. ^ "Deccan Chronicle | Home". Archived from the original on 15 January 2016. Retrieved 2013-06-26.
  27. ^ "Trading in Mahindra Satyam to be suspended from July 4". 29 June 2013.
  28. ^ Press Trust of India (14 July 2013). "Satyam is no more; to live on as part of Tech Mahindra".
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  30. ^ "Tech Mahindra completes share swap — The Times of India". The Times Of India.
  31. ^ BS Reporter (13 August 2013). "Tech Mahindra Q1 net up".
  32. ^ "?Tech Mahindra to acquire Swiss firm SOFGEN Holdings". timesofindia-economictimes. Archived from the original on 14 January 2015. Retrieved 15 January 2015.
  33. ^ "Tech Mahindra Augments Its Core Banking Expertise, To acquire SOFGEN Holdings Limited".
  34. ^ "Tech Mahindra set to acquire Italian car design company Pininfarina". timesofindia-economictimes. Archived from the original on 23 December 2015. Retrieved 22 December 2015.
  35. ^ Bibhu Ranjan Mishra (23 December 2015). "Tech Mahindra rolls out automation tool to boost productivity".
  36. ^ "TECHM Shareholding Pattern - Tech Mahindra Ltd Stock". Retrieved 28 June 2020.
  37. ^ Risov Chakrabortty (25 November 2016). "Tech Mahindra to acquire Target Group - to augment Platform BPaaS offerings in BFSI".
  38. ^ Rath, Abhishek. "Tech Mahindra launches Saudi JV with Al Fozan Group". Retrieved 20 June 2017.
  39. ^ Rath, Abhishek. "Tech Mahindra to Take Huawei Enterprise Products To Global Markets". Retrieved 20 June 2017.
  40. ^ Rath, Abhishek. "Tech Mahindra to acquire US-based healthcare IT services & consulting firm". Retrieved 20 June 2017.
  41. ^ "Tech Mahindra announces DynaCommerce acquisition". Retrieved 1 February 2019.
  42. ^ "Tech Mahindra announces DynaCommerce acquisition". Retrieved 1 February 2019.
  43. ^ Sriram, M. (5 November 2019). "Tech Mahindra acquires New York-based BORN Group for $95 million". Mint. Retrieved 26 November 2019.
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  45. ^ "Tech Mahindra partners with ThoughtSpot for AI-driven analytics". The Economic Times. Retrieved 9 March 2021.
  46. ^ "Tech Mahindra acquires 100% stake in US-based cloud consulting company Brainscale" (PDF). Official website.
  47. ^ "Tech Mahindra to acquire 26% in Upendra Singh Multi Transmission". Retrieved 28 October 2022.
  48. ^ Datta, Devangshu (13 March 2023). "Investors give a thumbs-up to Tech Mahindra's choice of Gurnani's successor". Retrieved 14 March 2023.
  49. ^ "Ex-Infosys president new TechM MD & CEO". Financialexpress. Retrieved 14 March 2023.
  50. ^ "Tech Mahindra shares make biggest jump in 3 years; Mohit Joshi set to be CEO, succeed CP Gurnani". Zee Business. 13 March 2023. Retrieved 14 March 2023.
  51. ^ "Tech Mahindra > Location Details". Retrieved 1 October 2012.
  52. ^ "Tech Mahindra". Retrieved 1 October 2012.
  53. ^ "Contact Details & offices are in Asia, Africa, Americas, Europe & Australia". Tech Mahindra. Retrieved 1 October 2012.