About
Tech Mahindra Ltd
Tech Mahindra Limited is a leading provider of digital transformation, consulting and business re-engineering services and solutions and is a part of the USD 19.4 Billion Mahindra Group. Befitting its size, the Mahindra Group operates in 22 key industries, providing insightful and ingenious solutions that are global in their ramifications.
Tech Mahindra is a USD 5.1 Billion company with over 121,000 professionals across 90 countries, helping 1007 global customers, including Fortune 500 companies. The Company's convergent, digital, design experiences, customer-centric platforms and reusable assets connect across technologies to deliver tangible business value to its stakeholders.
Tech Mahindra Limited was incorporated as a Public Limited Company on October 24th, 1986 and commenced its business during the year 1987 and incorporated MBT International Inc in 1993, the first overseas subsidiary of the company. The Company is a leading provider of consulting-led integrated portfolio services to customers which are Telecom Equipment Manufacturers, Telecom Service Providers and IT Infrastructure Service Providers, Business Process Outsourcing Service Providers as well as Enterprise Solutions Services (BFSI, Retail & Logistics, Manufacturing, Energy and Utility (E&U), and Healthcare, Life Sciences, etc.) of Information Technology (IT) and IT-enabled services (ITe-S) delivered through a network of multiple locations around the globe. It also provides comprehensive range of IT services, including IT enabled services, application development and maintenance, consulting and enterprise business solutions, extended engineering solutions and infrastructure management services to a diversified base of corporate customers in a wide range of industries including insurance, banking and financial services, manufacturing, telecommunications, transportation and engineering services.
As a leading provider of IT Solutions to the Telecom industry, the company committed to quality, Tech Mahindra adds value to client businesses through well-established methodologies, tools and techniques backed by its stringent quality processes. The company's global footprint spans 24 locations in 14 countries including 11 state-of-the-art development centres and 13 sales offices in Americas, Europe, Middle East, Africa and Asia-Pacific.
As for quality, the company was awarded the ISO 9001 certification by BVQI in the year of 1994. After a year, in 1995, Tech Mahindra established one branch office in UK, following this; the company incorporated MBT GmbH, Germany during the year 2001. In 2002, the company assessed at Level 5 of SEI CMM by KPMG and in the same year Tech Mahindra incorporated MBT Software Technologies Pte Limited, Singapore. Re-certification happened in the year 2003 to ISO 9001:2000 by RWTUV. Due to market changes, the company combines leading offerings in Application Off-shoring (AoS) with scarce skills and COTS integration capabilities in the year 2003. To meet the off-shoring challenge the Company developed a transition process framework (MASTER) during the year 2004 for effective service delivery to customers. Moreover, the company developed a revolutionary diagnostic tool - ShoreCan - to evaluate the off-shoring potential of a project or group of projects in any phase of development. During the year 2005, the company was certified as BS 7799-2:2002 (Information Security Management Framework) by RWTUV now known as TUV Nord. In the same period, Tech Mahindra acquired Axes Technologies (India) Private Limited, including its US and Singapore subsidiaries and the company assessed at Level 5 of SEI CMMI by KPMG.
The name of the company was changed from Mahindra-British Telecom Limited to the present name Tech Mahindra Limited on 3rd February of the year 2006. In the same year 2006, the company assessed at Level 5 of SEI People-CMM (P-CMM) by QAI India. In August of the year Tech Mahindra raised Rs 4.65 billion ($100 million) from a hugely successful Initial Public Offering (IPO) to build a new facility in Pune, to house about 9,000 staff and formed a JV with Motorola Inc under the name CanvasM to develop a focused entity that would leverage Tech Mahindra's solution integration expertise and Motorola's R&D capabilities. The Company noted as Leaders in the Telecom Vertical in India (Frost & Sullivan 2006) and received Deloitte Tech Fast 50 2007 Award for Outstanding Achievement in the industry (Billing & OSS World 2007).
The company acquired iPolicy Networks Private Limited during the year 2007 to enhance its offerings in the security solutions and services domain that develops next-generation, carrier-grade integrated network security solutions for enterprise and service providers. A strategic alliance was made between the company with Sun Microsystems in May 2007 to enable the rollout of cost-effective and efficient IPTV services to the Indian and Asia Pacific markets.
Tech Mahindra expanded its relationship with Oracle in March 2008 to deliver a comprehensive software suite for the global communications industry. The company entered into a strategic partnership with Veracode during April 2008, giving the company access to a unique, on demand application security technology, which allows the company to further strengthen its application security capability as they expand into new markets. In June 2008, the company entered into a strategic global alliance with Microsoft Corporation to address its System Integration (SI) requirements for deployments of the award-winning Microsoft Mediaroom Internet Protocol Television (IPTV) and multimedia software platform. The Company bagged $7.6 million deal from Telecom Fiji in June 2008, as the first Indian IT Company to receive this transformational deal. Tech Mahindra signed a deal with Telecom New Zealand in June of the year 2008 to provide solutions to the company's retail business and the products it offers. The deal is worth between $20 million and $30 million.
On 16 April 2009, the Company Law Board passed an order approving the selection of Venturbay Consultants Private Limited, a subsidiary controlled by Tech Mahindra, as the successful bidder to acquire a controlling stake in Satyam Computer Services Ltd. Earlier, Satyam Computer Services on 13 April 2009 announced that the company's Board of Directors has selected Venturbay Consultants Private Limited as the highest bidder to acquire a controlling stake in the company, subject to the approval of the Company Law Board. On 7 January 2019, Satyam Computer Services' founder and Chairman Ramalinga Raju made shocking disclosures of financial irregularities at the IT firm.
On 24 April 2009, Satyam Computer Services received approval from the Seventh Division of the Federal Cartel Office of Germany permitting the completion of the acquisition of a controlling stake in the company by Venturbay Consultants Private Limited, a subsidiary controlled by Tech Mahindra.
On 9 July 2009, Mahindra Satyam announced that it has signed a new 5 year Support Contract with GlaxoSmithKline (GSK) to provide SAP and other critical systems support to GSK's businesses across the world.
On 3 November 2009, Tech Mahindra announced it plans to collaborate with defence and security company Saab to develop its operations in India for the global defense and homeland security market.
On 11 March 2010, Mahindra Satyam announced that it has bagged a new four- year offshore contract from KMD, one of Denmark's leading IT companies. The new contract worth approximately $48 million is an extension of a previous contract that was due to expire this year which involved the supply of application development, testing and application support services particularly in the area of SAP which is a growing business for the Danish IT company.
On 30 July 2010, Tech Mahindra announced that the Tech Mahindra and Morpho (Safran Group) led consortium has been selected as one of the key partners to implement and deliver the Aadhaar program by UIDAI (Unique Identification Authority of India). The Tech Mahindra and Morpho team was selected by UIDAI as one of the three key partners for the initial phase of this program.
On 3 August 2010, Mahindra Satyam announced a partnership with Sybase Software (India) Pvt. Ltd., the Indian subsidiary of Sybase,Inc., to provide secured enterprise mobility solutions to customers globally.
On 13 October 2010, Mahindra Satyam announced that it has signed a large contract with the Commonwealth of Kentucky, USA for design and delivery of a document management system for the child support system. The project will be implemented over twenty months.
On 25 October 2010, Tech Mahindra announced that it has been selected as one among a total of three companies selected by Bharti Airtel to outsource customer service functions across 16 African countries. On 2 May 2011, Tech Mahindra announced its plans to set up BPO operations in Philippines. The company signed a multi-million dollar deal, as one of the preferred BPO partners for strategic outsourcing with a leading full-service telecommunications company in the Philippines. The deal is spread over a period of 3 years.
On 26 May 2011, Tech Mahindra announced that it had entered the billion dollar league with consolidated revenue of 1,126.6 million for the year ended 31 March 2011. In rupee terms, the company clocked revenue of Rs 5140.2 crore for the year ended 31 March 2011.
The Board of Directors of Tech Mahindra and Mahindra Satyam in their respective meetings held on 21 March 2012 approved a proposal to merge Mahindra Satyam with Tech Mahindra along with certain wholly owned subsidiaries of Mahindra Satyam and Tech Mahindra. As per the swap ratio for the merger, the shareholders of Mahindra Satyam will be allotted 2 shares of Tech Mahindra for every 17 shares held in the company on record date.
On 23 May 2012, Tech Mahindra announced the launch of its new delivery and development centre in Noida, Uttar Pradesh, India.
On 4 September 2012, Tech Mahindra announced the acquisition of 100% stake in Hutchison Global Services Private Limited for US $ 87.1 million, payable upfront. Hutchison Global Services (HGS) provides customer lifecycle operations to clients in UK, Ireland and Australia and has an associate base of over 11,500 employees. HGS operates out of Mumbai and Pune and is among the largest captives in the telecom domain. On 5 September 2012, Tech Mahindra and Royal KPN N. V. (KPN) announced the start of an international partnership in order to further improve KPN's efficiency and effectiveness in its IT environment and operational processes and to jointly address strategic growth areas. KPN expects to make savings of at least EUR 200 million over a 5-year period with the partnership.
On 17 September 2012, Tech Mahindra announced the acquisition of 51% stake on a fully diluted basis in Comviva Technologies Limited, a Bharti Group company, for a value of Rs 260 crore. Comviva Technologies is a global leader in providing mobile Value Added Services (VAS), Mobile Money and Mobile Payment solutions.
On 22 April 2013, Tech Mahindra announced the launch of the modular Enterprise Managed Network Service (mEMS) platform, a cloud-based framework designed to give network managers the ability to grow and adapt their existing infrastructure without compromising performance.
On 23 April 2013, Tech Mahindra announced the launch of its new Service Virtualization as a Service (SVaaS) offering. This new managed service for Tech Mahindra's mid-market customers bundles CA LISA Service Virtualization software from CA Technologies with Tech Mahindra's professional services, leveraging cloud infrastructure to offer it in a subscription based pay-as-you-go model.
On 24 April 2013, Tech Mahindra announced the acquisition of lab assets and operations of the Type Approval Lab in Lund, Southern Sweden. This acquisition is in continuation with its efforts to provide end-to-end test solutions to device manufacturers and global carriers.
On 27 May 2013, Tech Mahindra signed a Memorandum of Understanding (MoU) with 'Navigation Information Systems' (JSC 'NIS') GLONASS, company that offers dual-system GLONASS/GPS chipset-based navigation equipment to the Indian market. As per the agreement, both the parties will jointly identify and develop potential opportunities, while agreeing to explore the emerging markets with strong focus on solutions such as Fleet Management Solution, Intelligent Transport Solution, Vehicle Security, Geo-fencing, and Precision Positioning Services among others. Tech Mahindra will play the role of System Integrator of NIS solutions, and will also customize the solutions as per Indian requirements, wherever required.
On 28 May 2013, Mahindra Satyam and Dion Global Solutions (Dion) announced the offering of a software solution to assist Financial Institutions (FIs) in Australia and New Zealand (ANZ) meet the US Foreign Account Tax Compliance Act (FATCA) regulations. On 6 June 2013, Mahindra Satyam announced that it has won a new multiyear contract with Bridgestone Europe for its managed services. The company will work on SAP based mission critical applications for Bridgestone Europe.
On 12 July 2013, Tech Mahindra announced that it has completed the process of allocating shares of the company to the shareholders of Mahindra Satyam, erstwhile Satyam Computer Services Ltd. The merger of Mahindra Satyam with Tech Mahindra was consummated on 25 June 2014. The merger created a technology services powerhouse, with revenue of USD 2.7 billion, a team of 84,000 professionals servicing 540 customers across 46 countries. Earlier, the Board of Directors of Tech Mahindra and Mahindra Satyam had separately approved the merger on 21 March 2012. After an approval from Mumbai high court, the Andhra Pradesh High Court gave its nod for the merger on 11 June 2013.
On 23 July 2013, Tech Mahindra announced that it has signed an agreement with UBS Fund Services (Luxembourg) (UBS FSL) as the first client for its new platform, Tech Mahindra Managed Data Services (MDS), designed to support asset managers, wealth managers, investment banks, custodians and administrators. The contract is for an initial five-year term. Under the agreement, Tech Mahindra will provide UBS FSL with a fully managed service across four major areas of data management, namely securities reference data, pricing, corporate actions and tax data.
On 1 August 2013, Tech Mahindra announced that its Brazilian subsidiary, Complex IT has signed two deals to deliver Enterprise Solutions for Oil & Gas and Banking verticals. The first project is with Schahin Petr ' leo to deliver a new enterprise business solution for the operations of the Oil and Gas division of the Schahin Group. The project includes implementation of SAP ERP and addresses business pain points around complex supply chain logistics and strengthening of the integration process. On another instance COMPLEX IT has also signed a transformational contract with a leading bank in Brazil to deliver enterprise business solutions for SAP demands on AMS, Projects and on-going demands. This will help them overcome High Complexity environment and helping internal SLA.
On 5 August 2013, BASE Company and Tech Mahindra announced a five year managed service agreement for the operations and roll out of the BASE network in Belgium. With this agreement BASE Company is broadening its partnership with Tech Mahindra, creating highly efficient network operations, where a managed service partner is responsible for both network and IT. BASE Company is a fully-owned subsidiary of Royal KPN N.V., whose headquarters are located in Brussels. The company is mainly active in the field of mobile telephony via the brands BASE and BASE business.
On 5 September 2013, Tech Mahindra said that the company is witnessing strong demand for IT & Engineering solutions in China, driven by local enterprises upgrading productivity through technology and international retail brands seeking solutions to tap the fast-growing domestic consumer market.
On 12 September 2013, Tech Mahindra announced that the company has been chosen as a Strategic Partner for Application Maintenance and Development by the Volvo Car Corporation (Volvo Cars). This partnership will provide Volvo Cars with a service to maintain and develop a wide range of applications across the business and to develop and implement new applications as part of its drive to increase efficiency and reduce costs. Starting in September 2013, the contract with Tech Mahindra will provide Volvo Cars with Application maintenance and development across multiple domains, including Manufacturing, Product Development, Marketing, Sales and Reporting.
On 17 September 2013, Tech Mahindra announced that it will demonstrate eight connected Oracle solutions cutting across various industries at a 5-day Oracle OpenWorld 2013 beginning 22 September 2013. On 10 October 2013, Tech Mahindra announced the launch of its retail digital enterprise solution ShelfMonitor. This solution empowers retail store personnel with intelligent information on potential shelf gaps and real-time actionable insights, thereby helping retailers improve sales and avoiding lost opportunity.
On 22 October 2013, Tech Mahindra and Bosch Software Innovations, the software and systems house of the Bosch Group, announced a global strategic business partnership, which will primarily focus on the global manufacturing and transportation industry. The partnership aims to develop and deliver scalable digital enterprise solutions in the Internet of Things and Services' space. Tech Mahindra and Bosch will jointly develop solutions for industrial equipment management, connected services, and intermodal transportation.
On 8 November 2013, Tech Mahindra announced that it has partnered with Perpetual to provide registry services. Tech Mahindra will assume responsibility for Perpetual's existing registry capability supporting its Wholesale, WealthFocus and Select investment, superannuation and pension products. The agreement covers both administration and technology services.
The Board of Directors of Tech Mahindra and Mahindra Engineering Services (MES) at their separate meetings held on 29 November 2013 approved a proposal to merge MES with Tech Mahindra. MES is a global engineering consultant and service provider catering to automotive, aerospace, defense & manufacturing industries. MES clocked revenue of Rs 250.59 crore in FY 2013. The swap ratio for the merger was set at 5 shares of Tech Mahindra for every 12 shares held in Mahindra Engineering Services.
On 10 December 2013, Tech Mahindra announced the launch of its Global Center of Excellence (CoE) with Hewlett Packard (HP) in Bangalore. The CoE will focus on IT Application and IT Infrastructure Performance Management solutions that transform customers' IT operations landscape through automation and unification of key services.
On 29 January 2014, Tech Mahindra announced that it is supporting the implementation of SAP business systems at international publisher Cambridge University Press.
On 11 February 2014, Tech Mahindra announced that it is partnering with AIMS Software Pte. Ltd, a subsidiary of Quest Computing Ltd, one-of-the world's leading providers of Grant Management Systems. The partnership aims at evangelizing the AIMS proposition via their proven marketing and lead generation approach with an extensive use of Enterprise Ireland (EI) advice and support.
On 24 February 2014, Tech Mahindra announced the launch of its Near Field Communication (NFC) test lab in Bangalore, India. The NFC Testing and consulting capabilities in the lab will cater to the fast-growing needs of chipset manufacturers, OEMs, Service Providers, Acquires and Issuers from the banking industry.
On 25 February 2014, Tech Mahindra and Sierra Wireless announced that they have signed a formal teaming agreement to work collaboratively to develop and deploy end-to-end M2M solutions for customers worldwide. The collaboration leverages Sierra Wireless device-to-cloud offerings and Tech Mahindra's system integration and application development expertise to offer cost-effective, turnkey solutions tailored for prospective M2M customers in markets such as energy, transportation, industrial, and healthcare.
On 27 February 2014, Tech Mahindra's wholly owned German subsidiary Tech Mahindra GmbH, D sseldorf, announced that it has signed an agreement with BASF Business Services Holding GmbH to acquire its business with third party customers. This includes the 100%-owned subsidiary BASF Business Services Consult GmbH, based in Hamburg. BASF Business Services Holding GmbH will in future focus on providing information services, supply chain operations and business process management for BASF Group. BASF Business Services Holding GmbH (earlier called as BASF IT Services Holding GmbH) is an indirect wholly owned Group Company of BASF SE.
On 7 March 2014, Tech Mahindra and Microsoft announced their partnership to help develop the spring customer care update of Microsoft Dynamics CRM. Tech Mahindra's expert engineers helped Microsoft to develop key features which include - Mobile device support, cross browser support and enhanced user experience. Tech Mahindra is a Global SI and Consulting organization with strategic partnership with Microsoft.
On 12 March 2014, Tech Mahindra announced the launch of its Global Development Center with Alstom Transport, a world leading manufacturer of Rail Technology, on the occasion of signing a 3 year partnership agreement with Alstom. The development center will cover primarily engineering activities focused on concept to prototype build.
On 18 March 2014, Tech Mahindra announced that Volvo Car Group has selected the company to provide end-to-end IT infrastructure support and services in key countries globally including Sweden, China and Belgium. The scope of the partnership which was signed in February 2014 covers 2,800 servers across Volvo Cars' regional offices, global factories, global datacenter, R&D and manufacturing IT. The service also covers 4,000 factory devices in Sweden, Belgium, China and 30,000 end users and their work devices, including parts of the Volvo Cars dealer network. On 20 March 2014, Tech Mahindra announced the inauguration of its 3rd near shore delivery center in D sseldorf, Germany.
On 24 March 2014, Tech Mahindra announced a global alliance with Box, Inc. as a premier member of the 'Box Services Partner Program'. This alliance enables enterprise customers to leverage Box's cloud based content collaboration solution as part of Tech Mahindra's Digital Enterprise Platform (DEP) for handling document centric processes.
On 25 March 2014, Tech Mahindra announced the launch of Managed Data Service (MDS), a fully managed end-to-end reference data management Business Process as a Service (BPaaS) solution for the financial services industry in North America. The Managed Data Service (MDS) solution is designed around a utility model and comprises 3 integrated components - technology infrastructure, operational outsourcing and specialized software IP.
On 8 April 2014, Tech Mahindra announced the opening of a new Belgian delivery center in Antwerp. The Antwerp delivery center will further accelerate a hub and spoke delivery model for the Benelux region.
On 22 April 2014, Tech Mahindra announced that it has been chosen by New Hampshire's Division of Motor Vehicles (DMV) to implement its Motor Vehicle Enterprise System (MOVES), a configurable Microsoft Dynamics CRM-based solution. The solution will replace and modernize New Hampshire DMV's existing legacy system. Tech Mahindra worked closely with Microsoft in developing the Dynamics CRM-based MOVES solution.
On 8 May 2014, Tech Mahindra announced its foray into Mexico as part of its expansion strategy in the Americas region. Tech Mahindra in Mexico will offer an array of innovative solutions and consulting services focused on meeting the needs of customers in various industries such as Telecom, Banking, Energy, Manufacturing, Retail distribution, Insurance and many others.
On 27 May 2014, Tech Mahindra announced that Premium Credit Limited, the No.1 Insurance Premium Finance Company in the UK and Ireland, has selected it to deliver front and back office application services. Tech Mahindra will provide operational support and maintenance services, as well as development and implementation.
On 5 June 2014, Tech Mahindra and Informatica Corporation, the world's number one independent provider of data integration software, announced an expansion of their decade-long strategic association.
On 11 June 2014, HPS, the market-leading provider of mission-critical solutions to the cards and payments industry, announced that it has entered into a global services alliance agreement with Tech Mahindra. The alliance will enable Tech Mahindra's financial institutions and payment processing customers of all sizes to improve their cards and payments businesses by replacing legacy hardware and software with a single, flexible and cost processing effective platform.
On 2 July 2014, Tech Mahindra announced that it has signed a Joint Venture (JV) agreement with Midad Holding, which is a subsidiary of Al Fozan, a preeminent group with diversified business interests in Saudi Arabia. The JV will be called Tech Mahindra Arabia. Tech Mahindra will have 51% ownership while Midad will own 49% stake. Headquartered in Al Khobar, Tech Mahindra Arabia will also have presence across other major cities in Saudi and will be functional post the regulatory approvals.
On 22 July 2014, Tech Mahindra announced plans to significantly expand in Korea. The company said in a statement that it will offer an array of innovative solutions and consulting services focused on meeting the needs of customers in Korea in various industries such as Manufacturing, Auto, Aerospace & Defense, Telecom, Oil & Gas, BFSI, Healthcare, Engineering Services, Device Engineering, Telecom and EBS.
On 4 September 2014, Tech Mahindra announced that it has signed an agreement with Bombardier Aerospace. As part of this engagement, Tech Mahindra will provide engineering solutions to Bombardier.
On 18 September 2014, Tech Mahindra announced that it will work together with Bosch Software Innovations, the software and systems house of the Bosch group to develop an ecosystem to enable innovative solutions for the connected world and connected enterprises. Tech Mahindra's Digital Enterprise Solutions group will work with Bosch Software Innovations to develop proof of concepts and solutions that will focus on developing connected solutions for smart cities, enterprises and smart homes.
On 23 September 2014, Tech Mahindra announced that it has been selected by Ahlstrom to manage its information technology operations. With the multi-year, multi-million euro agreement, Ahlstrom aims to increase efficiency, harmonize service levels and lower IT costs.
On 6 October 2014, Tech Mahindra announced that it has successfully launched and operationalized 'The HUB for Airbus Group'. The HUB is a long-term transition from execution models to a platform-based approach in Product Development and Engineering services. The Airbus HUB will deliver multi-domain services and solutions, ranging from product development to after-market services to the Airbus Group.
On 12 November 2014, Tech Mahindra announced the evolution of its next-generation managed services offering, Tech Mahindra MSO based on its modular Enterprise Managed Network Service (mEMS2.0) platform. This cloud-based framework is designed to help enterprises pave the way for a modular, flexible and scalable approach for building NexGen MSO services that can meet enterprise customers' critical demand - optimized service with exponential value at a very efficient cost.
On 20 November 2014, Tech Mahindra announced that it has signed a definitive agreement to acquire global network services leader Lightbridge Communications Corporation (LCC) for an enterprise value of approximately $240 million, subject to regulatory approvals. Headquartered in McLean, Virginia, LCC, with annual revenue of more than $400 million, is one of the world's largest independent global providers of Network Engineering services to the telecommunications industry. The acquisition positions Tech Mahindra as the pre-eminent partner for network services globally.
On 25 November 2014, Tech Mahindra announced the launch of Usage Based Insurance (UBI), a big data and predictive analysis driven platform for auto insurers. It allows them to adjust premiums according to actual usage patterns of individual drivers instead of industry averages.
On 11 December 2014, Tech Mahindra announced the inauguration of the new IT block in Bhubaneswar, Odisha adding to the existing block that houses 500 associates. The total capacity of the Bhubaneswar facility with the addition of new building will be 1,111 seats.
On 17 December 2014, Tech Mahindra announced the launch of Automotive Aftermarket Suite. It enables Tech Mahindra to offer innovative solutions in the space of Telematics, sensor-based predictive maintenance, for thousands of cars on the road worldwide. The Automotive Aftermarket Suite is one-of-the first platform solutions in the Aftermarket space. Tech Mahindra plans to provide this solution as a managed service to OEM's, importers, and dealer networks.
On 6 January 2015, Tech Mahindra announced that it has teamed-up with global telecom technology firm Avion Systems to provide Network Design and Engineering Services to major communications service providers. Tech Mahindra has been chosen as a minority investor at Avion Systems and the new joint venture will be called Avion Networks Inc. The joint venture aims to play a significant role as a strategic supplier of choice to the carriers in the final deployment and management of current mobile networks and their planned transformation into the next-generation cloud enabled, virtual and software driven networks.
On 9 January 2015, Tech Mahindra announced that it has signed a definitive agreement to acquire SOFGEN Holdings Limited (SOFGEN), a niche consulting and services company with worldwide presence specializing in Private/Wealth, Commercial and Retail Banking solutions. With this acquisition, Tech Mahindra will have the capability to offer a unique combination of 'Change the Bank and Run the Bank' services to Retail banking, Private Banking and Wealth Management customers globally.
On 11 February 2015, Tech Mahindra's subsidiary Mahindra Comviva announced a target growth of 300% by 2018 in the Americas region. Mahindra Comviva said at that time that it would focus on expanding its footprint in the Americas through advanced mobile wallet and payments solutions.
On 24 February 2015, IBM announced that it has signed a strategic teaming agreement with Tech Mahindra to accelerate global hybrid Cloud adoption. Through this alliance, IBM will provide an open, flexible cloud environment to enable Tech Mahindra's developers to build cloud-native and cloud enabled applications with a scalable model.
On 4 March 2015, Tech Mahindra announced, the launch of best in class SDN and NFV based solutions suite to address the ever changing network scenarios and demands in building the smart cities. Tech Mahindra has established itself as a key player in the SDN-NFV space and offers vendor neutral System Integration capabilities and highly scalable Managed Services to its customers.
On 5 March 2015, CA Technologies and Tech Mahindra announced that they have entered an agreement to develop and deploy end-to-end secured Internet of Things (IoT) solutions for enterprise customers worldwide. The agreement will leverage solutions from the CA DevOps portfolio including CA Release Automation, CA Service Virtualization, CA Mobile App Analytics and CA Unified Infrastructure Management (CA UIM) with Tech Mahindra's expertise to build and deliver mobile applications. This effort will offer enterprise customers advanced management capabilities resulting in improved operational efficiency and customer loyalty.
On 10 March 2015, Tech Mahindra announced the opening of the first Center of Excellence (CoE) for Google tools at Tech Mahindra's Global Solution Center in Cyberjaya, bringing transformational solutions to enterprises across Malaysia and the Asia Pacific region. The CoE aims to be the hub for innovation within the region and to focus on nurturing and building solutions with the best combination of products and technologies.
On 20 March 2015, Tech Mahindra announced that it has signed a strategic agreement with Gao Feng Advisory Company (Gao Feng), a global management consultancy with roots in China. Both firms will seek to join forces to deliver a unique and comprehensive set of services to their clients in China and worldwide.
On 15 April 2015, Tech Mahindra and Nasdaq listed Comverse announced that they have reached an agreement in principle on a strategic relationship, whereby Comverse will accelerate its transformation as a global innovator in digital services by leveraging Tech Mahindra's expertise and scale in development and delivery of digital offerings. As part of this initiative, employees from certain functions within Comverse's Digital Services business unit are anticipated to join Tech Mahindra.
On 22 April 2015, Tech Mahindra announced the launch of its fourth center in Philippines. The company will service global enterprise & telecommunication clients from the new facility.
On 30 April 2015, Tech Mahindra announced that the company was selected by Clark County Water Reclamation District (CCWRD) to implement Oracle Utilities Customer Care and Billing. Clark County Water Reclamation District is a water reclamation utility with offices in Clark County, Las Vegas, Nevada. Tech Mahindra is a Platinum level member of Oracle PartnerNetwork (OPN).
On 6 May 2015, Tech Mahindra announced the inaugurating a new office space in G g, Sweden.
On 13 May 2015, Tech Mahindra and MDS, a leading provider of real-time charging, billing and customer management solutions, announced a strategic global alliance with the first client win at Dixons Carphone. Tech Mahindra has implemented the leading billing and customer management solution of MDS and will manage the entire services infrastructure for Dixons Carphone iD, which will operate on three networks.
On 19 May 2015, Tech Mahindra announced that it will build an Intelligent Electric Vehicle Charging System (IEVCS) designed to help build Ontario's clean energy future. The project, sponsored by Ontario's Ministry of Energy and funded in part through the Ontario Smart Grid Fund initiative, will analyze the effects of electric vehicle charging on transformers by creating a real time transformer monitoring and analytics solution. The key benefit of the solution is the real time monitoring of the transformers and the ability to automatically manage the charging between vehicles to ensure the transformers do not overload as a result of EV charging.
On 11 June 2015, Tech Mahindra announced the launch of its next generation Cloud Management Platform mPAC (managed Platform for Adaptive Computing) for Hybrid IT Management. It leverages technologies from HP and VMTurbo suite of products.
On 24 June 2015, Tech Mahindra announced that it has been selected by Circle Health after a competitive procurement process to become their chosen technology partner for the next 10 years. The project will be delivered by nth Dimension, a newly formed wholly owned subsidiary of Tech Mahindra in the United Kingdom. The value of the contract is 50 million over 10 years.
On 29 June 2015, Tech Mahindra said in an investor update ahead of the announcement of its Q1 June 2015 results that there have been some headwinds and tailwinds which could see a risk of marginal decline in the company's revenue and EBITDA margin on a sequential basis in Q1 June 2015. The company also warned at that time that FY 2016 organic communications business growth could remain subdued due to delayed decision making by clients.
On 8 July 2015, Tech Mahindra and PNMsoft, a global provider of Intelligent BPM Software (iBPMS) solutions, announced a collaboration to offer superior customer experiences.
On 20 August 2015, Tech Mahindra announced that the Reserve Bank of India has granted an in-principle approval to the company to set up a Payments Bank. The bank will be an independent unit under the Mahindra Group led by Tech Mahindra and Mahindra Finance, a leading rural NBFC, as equal contributors to the new entity.
On 14 September 2015, Tech Mahindra announced that it has joined Real-Time Innovations' (RTI) rapidly expanding Services Delivery Partner (SDP) program, designed to help companies capitalize on the growing Industrial Internet of Things (IIoT) market. RTI SDPs offer outsourced product development, system integration and domain-specific consulting across multiple industries.
On 5 October 2015, Tech Mahindra and Bombardier Commercial Aircraft announced that they have signed an agreement under which Tech Mahindra will develop the Aircraft Ground Support System (AGSS) for Bombardier's Aircraft Health Management System (AHMS) for the C Series family of aircraft. The AGSS will facilitate real-time and post-flight recorded data management, fault notification and diagnostic reporting. By leveraging the large amount of data recorded and transmitted from C Series aircraft, the AHMS will allow operators to make sound decisions on aircraft performance and maintenance.
On 14 December 2015, Tech Mahindra and its parent company Mahindra & Mahindra (M&M) jointly entered into an agreement with Pincar S.r.l., to purchase a controlling stake in Pininfarina S.p.A., an iconic Italian brand in automotive and industrial design. The investment by Tech Mahindra and M&M will be done via a joint venture company held 60% by Tech Mahindra and 40% by M&M. Pininfarina's legendary brand status will allow Tech Mahindra powerful access to relationships the iconic designer has nurtured with the best in the world over its 85-year history, including with Ferrari, Alfa Romeo, Maserati and Peugeot.
On 23 December 2015, Tech Mahindra announced the launch of India's first contactless digital payment ecosystem branded MoboMoney.
On 7 January 2016, Tech Mahindra announced that it has entered into a strategic alliance with MetricStream, Inc, the global market leader in Governance, Risk and Compliance (GRC) Management Apps, to deliver GRC Solutions across the globe. Tech Mahindra has established a dedicated MetricStream Center of Excellence (CoE) in Bangalore, India, which will be supported by expert consulting services worldwide in various geographical markets. The GRC offering will target verticals such as BFSI, Retail, Manufacturing, Healthcare, Telecom and Infrastructure.
On 17 February 2016, Tech Mahindra and Qlik, a leader in visual analytics, announced that the companies have expanded their global alliance. Qlik and Tech Mahindra will work together to bring further value to joint customers through Tech Mahindra's platform offerings and Qlik's unique platform approach to visual analytics.
On 23 February 2016, Tech Mahindra announced that it has been selected by Nationwide Building Society to provide Network and Infrastructure Transformation services in a five year, partnership agreement. Tech Mahindra will provide specialist resources to support Nationwide's network upgrade and digital banking strategy, enabling the Building Society to improve efficiencies across its branches and offices and to expand its customer-facing digital services.
On 23 February 2016, Tech Mahindra announced plans to build Internet of Things (IoT) solutions by utilizing the Microsoft Azure IoT Suite. On 25 February 2016, Tech Mahindra and Comptel Corporation announced their collaboration to re-write telecommunications operators' billing playbooks. On 23 March 2016, Tech Mahindra announced that it has expanded its footprint in France with the launch of a new Development Centre facility in Toulouse, dedicated to projects for its existing partner and customers in the aerospace industry.
On 28 March 2016, Tech Mahindra announced its participation as a member of the new GE Digital Alliance Program that is dedicated to growing the digital industrial ecosystem. Tech Mahindra and GE Digital will work together to create innovative solutions that will address the need of the Power, Oil and Gas, and Transportation industries. Tech Mahindra has been an early adopter of the Predix platform, GE's cloud platform-as-a-service for the Industrial Internet.
On 25 April 2016, Tech Mahindra and Newtec, a specialist in designing, developing and manufacturing equipment and technologies for satellite communications, signed an agreement which will see the two companies cooperate on future projects. Newtec and Tech Mahindra will initially work together on a contract awarded by satellite operator Yahsat.
On 18 May 2016, Tech Mahindra announced the launch of Fresh Produce End to End Digital Supply Chain (FEEDS) solution. This revolutionary initiative manages the food supply chain, which enables companies to transport farm grown produce and deliver it as fresh as if it were grown locally. FEEDS enables business collaboration, maintains product quality and freshness while providing a 15-20% reduction in losses and wastes.
On 27 May 2016, Tech Mahindra announced that it has entered into an agreement to acquire Target Group, one of the leading processing platform companies in the UK. The acquisition strengthens Tech Mahindra's BFSI practice by access to IP and platform which helps automate end-to-end processes in the lending, investments and insurance market. As part of the agreement, Tech Mahindra has agreed to purchase 100% of the shares of Target Group for an Enterprise Value of GBP 112 million. Target Group had revenues of GBP 51 Million in 2015.
On 1 June 2016, Tech Mahindra announced that it has been selected by Department of Motor Vehicles (DMV) of Nevada, US to be the prime systems integrator for the System Modernization or 'SysMod' project - a transformational initiative to modernize the DMV operations.
On 13 June 2016, Tech Mahindra announced collaboration with ArisGlobal, a leading provider of cloud-based software solutions for life sciences, to provide the life sciences industry with a complete end-to-end solution for identification of medicinal products compliance.
On 22 June 2016, Tech Mahindra announced the acquisition of The BIO Agency (BIO), headquartered in the UK. The BIO Agency specialises in digital transformation and innovation, helping organisations change the way they engage with their customers.
On 26 July 2016, Tech Mahindra announced that it has launched its 17th Delivery Center in Cincinnati Blue Ash Area, US to primarily serve its customers with export control services within the Aerospace & Defense sector. The center will primarily be leveraged to provide Engineering, Big Data and Analytics services to a large conglomerate in the region and also other customers in the US.
On 26 September 2016, Tech Mahindra announced collaboration with DxContinuum, Inc., a leader in the field of predictive analytics for sales and marketing teams, to provide a highly intuitive and usable solution for business-to-business (B2B) sales organizations. The joint offering delivers highly accurate forecasts, dramatically boosts productivity and enables sales teams to get a jump on cross-sell/upsell opportunities on a subscription base.
On 27 September 2016, Tech Mahindra unveiled new strategy for network services business, which will enable communication service providers to transform and modernize their networks faster. Network services are a key part of Tech Mahindra's communication business, which accounts for nearly half the company's overall business.
On 28 September 2016, Tech Mahindra announced that it has successfully completed the first phase of transformation at Oklahoma Gas and Electric (OG&E), a regulated electric utility serving over 819,000 customers in Oklahoma and western Arkansas. Tech Mahindra has signed a multiyear, multimillion-dollar contract with OG&E.
On 30 September 2016, Tech Mahindra announced that it has been selected by the state government of Jharkhand as a strategic partner to help the state government in its digital journey and employment generation through skill development. As a strategic IT partner, Tech Mahindra will work towards promoting technology adoption by the citizens in the state apart from helping build an ecosystem with greater participation of industry players. The partnership also requires Tech Mahindra to work with the state government to promote digital literacy and skill development working with various industry organizations including Nasscom Foundation.
On 2 November 2016, Tech Mahindra announced that it has been chosen as the strategic ICT (Information and Communications Technology) supplier by Stockmann, a Finnish company engaged in retail operations.
On 2 November 2016, Tech Mahindra announced the launch of its Virtual Network Function (VNF) Exchange, along with a number of leading new age providers of Software Defined Networks (SDN) and Network Functions Virtualization (NFV) products. As the first product independent global industry platform, Tech Mahindra's VNF Exchange is aimed at pre-certifying VNF design, VNF stack and VNF performance.
On 23 November 2016, Tech Mahindra announced the launch of the Connected Service Experience Solution, which will enable the manufacturing industry to integrate connected devices with end-to-end business processes. Built on Pegasystems' industry-leading Pega 7 Platform, this solution allows organizations to harness the power of the Industrial Internet of Things (IIoT) for increased efficiency and better customer experiences.
On 4 January 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. The JV Company in which Tech Mahindra holds majority stake would cater to the market in the Kingdom of Saudi Arabia (KSA). Al Fozan Group is a leading conglomerate with operations throughout the Middle East.
On 16 January 2017, Tech Mahindra announced the opening of a Centre of Excellence (CoE) in Dublin, Ireland. The Dublin CoE will be central to Tech Mahindra's operations in Ireland and would focus on emerging technologies such as Robotics and Automation, Business Analytics, Cloud Infrastructure and Digital Services. As a part of a new investment in Ireland, the Dublin CoE will bolster Tech Mahindra's regional footprint in the country and help the company deliver technology services to clients in Ireland as well as Europe.
On 6 March 2017, Tech Mahindra announced that it has signed a definitive agreement to acquire CJS Solutions Group LLC, a US-based healthcare Information Technology consulting company that does business as (DBA) 'The HCI Group.' Tech Mahindra will make an upfront payment of US$ 89.5 million for purchase of 84.7% stake in the company. The balance stake of 15.3% will be acquired over a period of three years.
On 10 March 2017, Tech Mahindra announced that the company has selected Jacada Inc. a leading international provider of digital customer experience technology, to accelerate the digital transformation of customer operations for clients across industries. Jacada's digital customer experience technology helps in simplifying interactions between businesses and their customers.
On 17 March 2017, Tech Mahindra and Huawei Enterprise Business Group (EBG) signed a global partnership agreement. As per the agreement, Tech Mahindra will market Huawei's enterprise products and services across 44 countries including India. The alliance would also involve launching a joint go-to-market (GTM) strategy, thus giving a boost to the competitiveness of both companies in the global marketplace, by leveraging each other's core strengths. Huawei is a leading global ICT solutions provider.
On 3 October 2017, Tech Mahindra announced that it has won a multi-year, multi-million euro deal from Ahlstrom-Munksj to manage the company's end-to-end IT operations. Tech Mahindra will assist Ahlstrom-Munksj in its digital transformation journey, with end-to-end IT services and solutions including IT user support, infrastructure management and application support using next generation digital and automation tools and technologies. Besides, approximately 25 employees of Ahlstrom-Munksj are expected to be transferred to Tech Mahindra as per the agreement.
On 11 October 2017, Tech Mahindra and the Saudi Telecom Company (STC), represented by its enterprise focused business unit, STC Business, announced a strategic alliance aimed at enabling the Kingdom of Saudi Arabia (KSA) in its Vision 2030 through innovations in digitalization targeting a broad spectrum of sectors. As a part of the Vision 2030, the KSA is looking at making the kingdom a global model of excellence on all fronts by diversifying its economy and developing public sectors such as health, education, infrastructure, recreation, and tourism.
On 13 November 2017, Tech Mahindra and Toshiba Digital Solutions announced their strategic partnership to work in the area of smart factory. As strategic partners, the two companies will synergize their group manufacturing heritage, domain expertise and existing customer base to expand business in the smart factory market together. This partnership aims to leverage strengths of both the companies and offer a one stop solution for manufacturer customers with the latest IoT technologies and system integration capabilities from both sides.
On 21 December 2017, Tech Mahindra announced that it is partnering with Gao Feng Advisory Company to set up a Joint Artificial Intelligence (AI) Lab in Shanghai. The AI lab will work in the areas of futuristic digital technologies including AI Chatbot Services, Smart Process Automation, NLP (Text Analytics), Image Recognition & Processing, Machine Learning and Predictive Analytics. With this, both the firms aim to deliver unique and comprehensive set of services to their clients in the Greater China region starting from strategy to implementation and enabling clients in their Digital Transformation journey. Gao Feng Advisory Company is a global strategy and management consulting firms with strong roots in China.
On 15 January 2018, Tech Mahindra announced that the company is working with IBM to help Tech Mahindra's clients migrate their most demanding workloads to IBM POWER9. This multi-year relationship is designed to accelerate Power Systems adoption for IBM and strengthen Tech Mahindra's offerings around virtualization, data center transformation and high-performance computing. Tech Mahindra is an IBM Business Partner and assists clients with migrations to Power-based solutions.
On 15 January 2018, Tech Mahindra announced that it has partnered with ContextSpace Solutions Ltd, a privacy research and development firm based in Israel, to develop the world's first global software privacy ecosystem, MyData Shield. Tech Mahindra has developed MyData Shield, a cloud-based Privacy Protection as a service that will enable software developers to easily address security and personal data protection concerns.
On 23 January 2018, Tech Mahindra announced that it will now make available AT&T FlexWare, a transformative, global network infrastructure solution from AT&T Inc., to its global clients as well as use it internally. Tech Mahindra intends to combine AT&T FlexWare with its System Integration and Services Portfolio, and offer the solutions to its global clientele who are undergoing digital transformation.
Mahindra Racing, the only Indian team to compete in the ABB FIA Formula E Championship, announced the formation of a strategic partnership with Pininfarina and Tech Mahindra on 24 January 2018. This agreement gives Mahindra Racing access to Pininfarina's globally renowned design expertise and Tech Mahindra's digital technology prowess.
On 22 February 2018, Tech Mahindra announced a strategic investment of CAD 100 million over 5 years to establish a new Center of Excellence' (COE) in Canada. This strategic initiative will focus on major technologies such as Artificial Intelligence (AI) and Blockchain, which are driving innovation across industries and will cater to the exponentially growing need for AI and Blockchain application especially in the Fintech' and Smart Cities' spaces.
During the fiscal 2019, the company has entered into an agreement to acquire 100% stake in Dynacommerce Holdings B.V. vide Share Purchase Agreement dated 31 January 2019 for a value of EUR 0.48 million (Rs 37 million). Further during the year as per the agreement with minority stakeholders, company has acquired additional 4.07% stake in CJS Solutions Group, LLC (CJS) of USD 7.4 million (Rs 510 million).
During the FY2020, the IT and business process management industry is recalibrating to manage the impact of the COVID-19 outbreak. The industry powers critical healthcare, finance, and telecom services.
The Group, pursuant to the share purchase agreement acquired 100% stake in Dynacommerce Holdings B.V on 09 May 2019 for a consideration upto EUR 2.16 million (Rs 168 million), out of which EUR 0.48 million (Rs 38 million) was paid upfront and the balance amount of EUR 1.68 million (Rs 130 million) is payable on achieving performance based milestones.
The Company on 31 July 2019, through its wholly owned subsidiary Tech Mahindra (Americas) Inc. acquired 65 % stake in Mad*Pow Media Solutions LLC for a upfront consideration of USD 16.71 million (Rs 1,151 million). Further the subsidiary of the company has entered into a binding agreement to purchase the balance 35% stake over a period of three-year, ending 31 March 2022 for which a financial liability of USD 11.52 million (Rs 793 million) as at balance sheet date of 31 March 2020 has been recognised.
Further, the company in October 2019, through its wholly owned subsidiary Tech Mahindra (Americas) Inc. acquired 100 % stake in Objectwise Consulting Group Inc. for an upfront consideration of CAD 2.25 million (Rs 121 million).
The Company has invested an amount of GBP 7.77 million (Rs 720.82 millon) in Mahindra Engineering Services (Europe) Ltd by subscribing to the Preference Shares of the company on 19 November 2019.
The company, pursuant to the share purchase agreement acquired 100% stake in Born Commerce Private Limited on 25 November 2019 for a consideration of USD 12 million (Rs 873 million). Further the Company through its wholly owned subsidiary Tech Mahindra Singapore Pte. Limited, acquired 100% stake in Born Singapore Pte. Limited (Born Group) on 26 November 2019 for an upfront consideration of USD 59 million (Rs 4,224 million) and contingent consideration linked to financial performance of calendar year 2019. As at 31 March 2020, contractual obligation towards contingent consideration amounts to USD 23.10 million (Rs 1,657 million). Born Group is engaged in providing content production and commerce solutions services across USA, APAC and Europe.
The company, through its wholly owned subsidiary Tech Mahindra (Americas) Inc. has entered into an agreement to acquire 100% stake in Zen3 Infosolutions (America) Inc., ('Zen3') vide Stock Purchase Agreement dated 24 February 2020 (Amended and restated 08 April 2020) for purchase consideration of USD 39 million (Rs 2,949 million), comprising cash consideration of USD 35 million (Rs 2,647 million) and retention pay-outs of USD 4 million (Rs 302 Million), payable over next two years. Further, the company has agreed to pay upto USD 25 million (Rs 1,891 million) for earned out linked to revenue and earnings before interest, depreciation and amortization (EBITDA) over three years.
The company has sold its entire stake in Fixstream Networks Inc. as on 30 September 2019 for an amount of USD 2 million (Rs 142 Million ) of which USD 0.5 million (Rs 36 Million) is in Escrow Account.
The subsidiary of the company, Comviva Technologies Limited has sold its entire stake in Terra Payment Services South Africa (Pty) Limited and Terra Payment Services(Netherlands) BV and its subsidiaries, hereinafter referred as Terra Group, on 02 March 2020 for an amount of USD 9 million (Rs 652 Million). Consequently, the company has recognised a gain of Rs 691 million in the consolidated financial statements of FY2020.
The Company on April 9, 2020 acquired 51% of the share capital of Cerium Systems Private Limited. It acquired a further 6% stake thereby taking the total shareholding to 57%. It acquired 100% of the share capital of Zen3 for a cash consideration of USD 64 million, out of which USD 35 million was paid upfront. It acquired 100% of the share capital of Tenzing Ltd and Tenzing Australia Ltd., through its wholly owned subsidiary Tech Mahindra (Singapore) Pte Ltd. It acquired Momenton Pty. Ltd. through its wholly owned subsidiary, Tech Mahindra (Singapore) Pte Limited, which was completed on 12th February 2021. It acquired 70% of Perigord Asset Holdings Limited through its wholly owned subsidiary Mahindra Engineering Services (Europe) Ltd. The Indian subsidiaries of Perigord were acquired by the Company directly and the said acquisition was completed on 15th March, 2021. It acquired Payments Technology Services Limited, Hongkong on 12th January, 2021 at a consideration of USD 9 million. It acquired DigitalOnUs, Inc.on 19th April 2021, through its wholly owned subsidiary, Tech Mahindra (Americas) Inc. It acquired Eventus Solutions Group, LLC. on April 26, 2021 through its wholly owned subsidiary Tech Mahindra (Americas) Inc. at a consideration of USD 44 million. During the year 2020-21, Company has closed/merged 8 subsidiaries.
On January 31, 2021, the Board of Directors approved the Scheme of Merger of Tech Mahindra Business Services Ltd and Born Commerce Private Ltd with the Company and accordingly, the companies had filed the applications before Hon'ble National Company Law Tribunal (NCLT), Mumbai and Chennai Benches respectively.
Tech Mahindra Ltd
Company History
Tech Mahindra Limited is a leading provider of digital transformation, consulting and business re-engineering services and solutions and is a part of the USD 19.4 Billion Mahindra Group. Befitting its size, the Mahindra Group operates in 22 key industries, providing insightful and ingenious solutions that are global in their ramifications.
Tech Mahindra is a USD 5.1 Billion company with over 121,000 professionals across 90 countries, helping 1007 global customers, including Fortune 500 companies. The Company's convergent, digital, design experiences, customer-centric platforms and reusable assets connect across technologies to deliver tangible business value to its stakeholders.
Tech Mahindra Limited was incorporated as a Public Limited Company on October 24th, 1986 and commenced its business during the year 1987 and incorporated MBT International Inc in 1993, the first overseas subsidiary of the company. The Company is a leading provider of consulting-led integrated portfolio services to customers which are Telecom Equipment Manufacturers, Telecom Service Providers and IT Infrastructure Service Providers, Business Process Outsourcing Service Providers as well as Enterprise Solutions Services (BFSI, Retail & Logistics, Manufacturing, Energy and Utility (E&U), and Healthcare, Life Sciences, etc.) of Information Technology (IT) and IT-enabled services (ITe-S) delivered through a network of multiple locations around the globe. It also provides comprehensive range of IT services, including IT enabled services, application development and maintenance, consulting and enterprise business solutions, extended engineering solutions and infrastructure management services to a diversified base of corporate customers in a wide range of industries including insurance, banking and financial services, manufacturing, telecommunications, transportation and engineering services.
As a leading provider of IT Solutions to the Telecom industry, the company committed to quality, Tech Mahindra adds value to client businesses through well-established methodologies, tools and techniques backed by its stringent quality processes. The company's global footprint spans 24 locations in 14 countries including 11 state-of-the-art development centres and 13 sales offices in Americas, Europe, Middle East, Africa and Asia-Pacific.
As for quality, the company was awarded the ISO 9001 certification by BVQI in the year of 1994. After a year, in 1995, Tech Mahindra established one branch office in UK, following this; the company incorporated MBT GmbH, Germany during the year 2001. In 2002, the company assessed at Level 5 of SEI CMM by KPMG and in the same year Tech Mahindra incorporated MBT Software Technologies Pte Limited, Singapore. Re-certification happened in the year 2003 to ISO 9001:2000 by RWTUV. Due to market changes, the company combines leading offerings in Application Off-shoring (AoS) with scarce skills and COTS integration capabilities in the year 2003. To meet the off-shoring challenge the Company developed a transition process framework (MASTER) during the year 2004 for effective service delivery to customers. Moreover, the company developed a revolutionary diagnostic tool - ShoreCan - to evaluate the off-shoring potential of a project or group of projects in any phase of development. During the year 2005, the company was certified as BS 7799-2:2002 (Information Security Management Framework) by RWTUV now known as TUV Nord. In the same period, Tech Mahindra acquired Axes Technologies (India) Private Limited, including its US and Singapore subsidiaries and the company assessed at Level 5 of SEI CMMI by KPMG.
The name of the company was changed from Mahindra-British Telecom Limited to the present name Tech Mahindra Limited on 3rd February of the year 2006. In the same year 2006, the company assessed at Level 5 of SEI People-CMM (P-CMM) by QAI India. In August of the year Tech Mahindra raised Rs 4.65 billion ($100 million) from a hugely successful Initial Public Offering (IPO) to build a new facility in Pune, to house about 9,000 staff and formed a JV with Motorola Inc under the name CanvasM to develop a focused entity that would leverage Tech Mahindra's solution integration expertise and Motorola's R&D capabilities. The Company noted as Leaders in the Telecom Vertical in India (Frost & Sullivan 2006) and received Deloitte Tech Fast 50 2007 Award for Outstanding Achievement in the industry (Billing & OSS World 2007).
The company acquired iPolicy Networks Private Limited during the year 2007 to enhance its offerings in the security solutions and services domain that develops next-generation, carrier-grade integrated network security solutions for enterprise and service providers. A strategic alliance was made between the company with Sun Microsystems in May 2007 to enable the rollout of cost-effective and efficient IPTV services to the Indian and Asia Pacific markets.
Tech Mahindra expanded its relationship with Oracle in March 2008 to deliver a comprehensive software suite for the global communications industry. The company entered into a strategic partnership with Veracode during April 2008, giving the company access to a unique, on demand application security technology, which allows the company to further strengthen its application security capability as they expand into new markets. In June 2008, the company entered into a strategic global alliance with Microsoft Corporation to address its System Integration (SI) requirements for deployments of the award-winning Microsoft Mediaroom Internet Protocol Television (IPTV) and multimedia software platform. The Company bagged $7.6 million deal from Telecom Fiji in June 2008, as the first Indian IT Company to receive this transformational deal. Tech Mahindra signed a deal with Telecom New Zealand in June of the year 2008 to provide solutions to the company's retail business and the products it offers. The deal is worth between $20 million and $30 million.
On 16 April 2009, the Company Law Board passed an order approving the selection of Venturbay Consultants Private Limited, a subsidiary controlled by Tech Mahindra, as the successful bidder to acquire a controlling stake in Satyam Computer Services Ltd. Earlier, Satyam Computer Services on 13 April 2009 announced that the company's Board of Directors has selected Venturbay Consultants Private Limited as the highest bidder to acquire a controlling stake in the company, subject to the approval of the Company Law Board. On 7 January 2019, Satyam Computer Services' founder and Chairman Ramalinga Raju made shocking disclosures of financial irregularities at the IT firm.
On 24 April 2009, Satyam Computer Services received approval from the Seventh Division of the Federal Cartel Office of Germany permitting the completion of the acquisition of a controlling stake in the company by Venturbay Consultants Private Limited, a subsidiary controlled by Tech Mahindra.
On 9 July 2009, Mahindra Satyam announced that it has signed a new 5 year Support Contract with GlaxoSmithKline (GSK) to provide SAP and other critical systems support to GSK's businesses across the world.
On 3 November 2009, Tech Mahindra announced it plans to collaborate with defence and security company Saab to develop its operations in India for the global defense and homeland security market.
On 11 March 2010, Mahindra Satyam announced that it has bagged a new four- year offshore contract from KMD, one of Denmark's leading IT companies. The new contract worth approximately $48 million is an extension of a previous contract that was due to expire this year which involved the supply of application development, testing and application support services particularly in the area of SAP which is a growing business for the Danish IT company.
On 30 July 2010, Tech Mahindra announced that the Tech Mahindra and Morpho (Safran Group) led consortium has been selected as one of the key partners to implement and deliver the Aadhaar program by UIDAI (Unique Identification Authority of India). The Tech Mahindra and Morpho team was selected by UIDAI as one of the three key partners for the initial phase of this program.
On 3 August 2010, Mahindra Satyam announced a partnership with Sybase Software (India) Pvt. Ltd., the Indian subsidiary of Sybase,Inc., to provide secured enterprise mobility solutions to customers globally.
On 13 October 2010, Mahindra Satyam announced that it has signed a large contract with the Commonwealth of Kentucky, USA for design and delivery of a document management system for the child support system. The project will be implemented over twenty months.
On 25 October 2010, Tech Mahindra announced that it has been selected as one among a total of three companies selected by Bharti Airtel to outsource customer service functions across 16 African countries. On 2 May 2011, Tech Mahindra announced its plans to set up BPO operations in Philippines. The company signed a multi-million dollar deal, as one of the preferred BPO partners for strategic outsourcing with a leading full-service telecommunications company in the Philippines. The deal is spread over a period of 3 years.
On 26 May 2011, Tech Mahindra announced that it had entered the billion dollar league with consolidated revenue of 1,126.6 million for the year ended 31 March 2011. In rupee terms, the company clocked revenue of Rs 5140.2 crore for the year ended 31 March 2011.
The Board of Directors of Tech Mahindra and Mahindra Satyam in their respective meetings held on 21 March 2012 approved a proposal to merge Mahindra Satyam with Tech Mahindra along with certain wholly owned subsidiaries of Mahindra Satyam and Tech Mahindra. As per the swap ratio for the merger, the shareholders of Mahindra Satyam will be allotted 2 shares of Tech Mahindra for every 17 shares held in the company on record date.
On 23 May 2012, Tech Mahindra announced the launch of its new delivery and development centre in Noida, Uttar Pradesh, India.
On 4 September 2012, Tech Mahindra announced the acquisition of 100% stake in Hutchison Global Services Private Limited for US $ 87.1 million, payable upfront. Hutchison Global Services (HGS) provides customer lifecycle operations to clients in UK, Ireland and Australia and has an associate base of over 11,500 employees. HGS operates out of Mumbai and Pune and is among the largest captives in the telecom domain. On 5 September 2012, Tech Mahindra and Royal KPN N. V. (KPN) announced the start of an international partnership in order to further improve KPN's efficiency and effectiveness in its IT environment and operational processes and to jointly address strategic growth areas. KPN expects to make savings of at least EUR 200 million over a 5-year period with the partnership.
On 17 September 2012, Tech Mahindra announced the acquisition of 51% stake on a fully diluted basis in Comviva Technologies Limited, a Bharti Group company, for a value of Rs 260 crore. Comviva Technologies is a global leader in providing mobile Value Added Services (VAS), Mobile Money and Mobile Payment solutions.
On 22 April 2013, Tech Mahindra announced the launch of the modular Enterprise Managed Network Service (mEMS) platform, a cloud-based framework designed to give network managers the ability to grow and adapt their existing infrastructure without compromising performance.
On 23 April 2013, Tech Mahindra announced the launch of its new Service Virtualization as a Service (SVaaS) offering. This new managed service for Tech Mahindra's mid-market customers bundles CA LISA Service Virtualization software from CA Technologies with Tech Mahindra's professional services, leveraging cloud infrastructure to offer it in a subscription based pay-as-you-go model.
On 24 April 2013, Tech Mahindra announced the acquisition of lab assets and operations of the Type Approval Lab in Lund, Southern Sweden. This acquisition is in continuation with its efforts to provide end-to-end test solutions to device manufacturers and global carriers.
On 27 May 2013, Tech Mahindra signed a Memorandum of Understanding (MoU) with 'Navigation Information Systems' (JSC 'NIS') GLONASS, company that offers dual-system GLONASS/GPS chipset-based navigation equipment to the Indian market. As per the agreement, both the parties will jointly identify and develop potential opportunities, while agreeing to explore the emerging markets with strong focus on solutions such as Fleet Management Solution, Intelligent Transport Solution, Vehicle Security, Geo-fencing, and Precision Positioning Services among others. Tech Mahindra will play the role of System Integrator of NIS solutions, and will also customize the solutions as per Indian requirements, wherever required.
On 28 May 2013, Mahindra Satyam and Dion Global Solutions (Dion) announced the offering of a software solution to assist Financial Institutions (FIs) in Australia and New Zealand (ANZ) meet the US Foreign Account Tax Compliance Act (FATCA) regulations. On 6 June 2013, Mahindra Satyam announced that it has won a new multiyear contract with Bridgestone Europe for its managed services. The company will work on SAP based mission critical applications for Bridgestone Europe.
On 12 July 2013, Tech Mahindra announced that it has completed the process of allocating shares of the company to the shareholders of Mahindra Satyam, erstwhile Satyam Computer Services Ltd. The merger of Mahindra Satyam with Tech Mahindra was consummated on 25 June 2014. The merger created a technology services powerhouse, with revenue of USD 2.7 billion, a team of 84,000 professionals servicing 540 customers across 46 countries. Earlier, the Board of Directors of Tech Mahindra and Mahindra Satyam had separately approved the merger on 21 March 2012. After an approval from Mumbai high court, the Andhra Pradesh High Court gave its nod for the merger on 11 June 2013.
On 23 July 2013, Tech Mahindra announced that it has signed an agreement with UBS Fund Services (Luxembourg) (UBS FSL) as the first client for its new platform, Tech Mahindra Managed Data Services (MDS), designed to support asset managers, wealth managers, investment banks, custodians and administrators. The contract is for an initial five-year term. Under the agreement, Tech Mahindra will provide UBS FSL with a fully managed service across four major areas of data management, namely securities reference data, pricing, corporate actions and tax data.
On 1 August 2013, Tech Mahindra announced that its Brazilian subsidiary, Complex IT has signed two deals to deliver Enterprise Solutions for Oil & Gas and Banking verticals. The first project is with Schahin Petr ' leo to deliver a new enterprise business solution for the operations of the Oil and Gas division of the Schahin Group. The project includes implementation of SAP ERP and addresses business pain points around complex supply chain logistics and strengthening of the integration process. On another instance COMPLEX IT has also signed a transformational contract with a leading bank in Brazil to deliver enterprise business solutions for SAP demands on AMS, Projects and on-going demands. This will help them overcome High Complexity environment and helping internal SLA.
On 5 August 2013, BASE Company and Tech Mahindra announced a five year managed service agreement for the operations and roll out of the BASE network in Belgium. With this agreement BASE Company is broadening its partnership with Tech Mahindra, creating highly efficient network operations, where a managed service partner is responsible for both network and IT. BASE Company is a fully-owned subsidiary of Royal KPN N.V., whose headquarters are located in Brussels. The company is mainly active in the field of mobile telephony via the brands BASE and BASE business.
On 5 September 2013, Tech Mahindra said that the company is witnessing strong demand for IT & Engineering solutions in China, driven by local enterprises upgrading productivity through technology and international retail brands seeking solutions to tap the fast-growing domestic consumer market.
On 12 September 2013, Tech Mahindra announced that the company has been chosen as a Strategic Partner for Application Maintenance and Development by the Volvo Car Corporation (Volvo Cars). This partnership will provide Volvo Cars with a service to maintain and develop a wide range of applications across the business and to develop and implement new applications as part of its drive to increase efficiency and reduce costs. Starting in September 2013, the contract with Tech Mahindra will provide Volvo Cars with Application maintenance and development across multiple domains, including Manufacturing, Product Development, Marketing, Sales and Reporting.
On 17 September 2013, Tech Mahindra announced that it will demonstrate eight connected Oracle solutions cutting across various industries at a 5-day Oracle OpenWorld 2013 beginning 22 September 2013. On 10 October 2013, Tech Mahindra announced the launch of its retail digital enterprise solution ShelfMonitor. This solution empowers retail store personnel with intelligent information on potential shelf gaps and real-time actionable insights, thereby helping retailers improve sales and avoiding lost opportunity.
On 22 October 2013, Tech Mahindra and Bosch Software Innovations, the software and systems house of the Bosch Group, announced a global strategic business partnership, which will primarily focus on the global manufacturing and transportation industry. The partnership aims to develop and deliver scalable digital enterprise solutions in the Internet of Things and Services' space. Tech Mahindra and Bosch will jointly develop solutions for industrial equipment management, connected services, and intermodal transportation.
On 8 November 2013, Tech Mahindra announced that it has partnered with Perpetual to provide registry services. Tech Mahindra will assume responsibility for Perpetual's existing registry capability supporting its Wholesale, WealthFocus and Select investment, superannuation and pension products. The agreement covers both administration and technology services.
The Board of Directors of Tech Mahindra and Mahindra Engineering Services (MES) at their separate meetings held on 29 November 2013 approved a proposal to merge MES with Tech Mahindra. MES is a global engineering consultant and service provider catering to automotive, aerospace, defense & manufacturing industries. MES clocked revenue of Rs 250.59 crore in FY 2013. The swap ratio for the merger was set at 5 shares of Tech Mahindra for every 12 shares held in Mahindra Engineering Services.
On 10 December 2013, Tech Mahindra announced the launch of its Global Center of Excellence (CoE) with Hewlett Packard (HP) in Bangalore. The CoE will focus on IT Application and IT Infrastructure Performance Management solutions that transform customers' IT operations landscape through automation and unification of key services.
On 29 January 2014, Tech Mahindra announced that it is supporting the implementation of SAP business systems at international publisher Cambridge University Press.
On 11 February 2014, Tech Mahindra announced that it is partnering with AIMS Software Pte. Ltd, a subsidiary of Quest Computing Ltd, one-of-the world's leading providers of Grant Management Systems. The partnership aims at evangelizing the AIMS proposition via their proven marketing and lead generation approach with an extensive use of Enterprise Ireland (EI) advice and support.
On 24 February 2014, Tech Mahindra announced the launch of its Near Field Communication (NFC) test lab in Bangalore, India. The NFC Testing and consulting capabilities in the lab will cater to the fast-growing needs of chipset manufacturers, OEMs, Service Providers, Acquires and Issuers from the banking industry.
On 25 February 2014, Tech Mahindra and Sierra Wireless announced that they have signed a formal teaming agreement to work collaboratively to develop and deploy end-to-end M2M solutions for customers worldwide. The collaboration leverages Sierra Wireless device-to-cloud offerings and Tech Mahindra's system integration and application development expertise to offer cost-effective, turnkey solutions tailored for prospective M2M customers in markets such as energy, transportation, industrial, and healthcare.
On 27 February 2014, Tech Mahindra's wholly owned German subsidiary Tech Mahindra GmbH, D sseldorf, announced that it has signed an agreement with BASF Business Services Holding GmbH to acquire its business with third party customers. This includes the 100%-owned subsidiary BASF Business Services Consult GmbH, based in Hamburg. BASF Business Services Holding GmbH will in future focus on providing information services, supply chain operations and business process management for BASF Group. BASF Business Services Holding GmbH (earlier called as BASF IT Services Holding GmbH) is an indirect wholly owned Group Company of BASF SE.
On 7 March 2014, Tech Mahindra and Microsoft announced their partnership to help develop the spring customer care update of Microsoft Dynamics CRM. Tech Mahindra's expert engineers helped Microsoft to develop key features which include - Mobile device support, cross browser support and enhanced user experience. Tech Mahindra is a Global SI and Consulting organization with strategic partnership with Microsoft.
On 12 March 2014, Tech Mahindra announced the launch of its Global Development Center with Alstom Transport, a world leading manufacturer of Rail Technology, on the occasion of signing a 3 year partnership agreement with Alstom. The development center will cover primarily engineering activities focused on concept to prototype build.
On 18 March 2014, Tech Mahindra announced that Volvo Car Group has selected the company to provide end-to-end IT infrastructure support and services in key countries globally including Sweden, China and Belgium. The scope of the partnership which was signed in February 2014 covers 2,800 servers across Volvo Cars' regional offices, global factories, global datacenter, R&D and manufacturing IT. The service also covers 4,000 factory devices in Sweden, Belgium, China and 30,000 end users and their work devices, including parts of the Volvo Cars dealer network. On 20 March 2014, Tech Mahindra announced the inauguration of its 3rd near shore delivery center in D sseldorf, Germany.
On 24 March 2014, Tech Mahindra announced a global alliance with Box, Inc. as a premier member of the 'Box Services Partner Program'. This alliance enables enterprise customers to leverage Box's cloud based content collaboration solution as part of Tech Mahindra's Digital Enterprise Platform (DEP) for handling document centric processes.
On 25 March 2014, Tech Mahindra announced the launch of Managed Data Service (MDS), a fully managed end-to-end reference data management Business Process as a Service (BPaaS) solution for the financial services industry in North America. The Managed Data Service (MDS) solution is designed around a utility model and comprises 3 integrated components - technology infrastructure, operational outsourcing and specialized software IP.
On 8 April 2014, Tech Mahindra announced the opening of a new Belgian delivery center in Antwerp. The Antwerp delivery center will further accelerate a hub and spoke delivery model for the Benelux region.
On 22 April 2014, Tech Mahindra announced that it has been chosen by New Hampshire's Division of Motor Vehicles (DMV) to implement its Motor Vehicle Enterprise System (MOVES), a configurable Microsoft Dynamics CRM-based solution. The solution will replace and modernize New Hampshire DMV's existing legacy system. Tech Mahindra worked closely with Microsoft in developing the Dynamics CRM-based MOVES solution.
On 8 May 2014, Tech Mahindra announced its foray into Mexico as part of its expansion strategy in the Americas region. Tech Mahindra in Mexico will offer an array of innovative solutions and consulting services focused on meeting the needs of customers in various industries such as Telecom, Banking, Energy, Manufacturing, Retail distribution, Insurance and many others.
On 27 May 2014, Tech Mahindra announced that Premium Credit Limited, the No.1 Insurance Premium Finance Company in the UK and Ireland, has selected it to deliver front and back office application services. Tech Mahindra will provide operational support and maintenance services, as well as development and implementation.
On 5 June 2014, Tech Mahindra and Informatica Corporation, the world's number one independent provider of data integration software, announced an expansion of their decade-long strategic association.
On 11 June 2014, HPS, the market-leading provider of mission-critical solutions to the cards and payments industry, announced that it has entered into a global services alliance agreement with Tech Mahindra. The alliance will enable Tech Mahindra's financial institutions and payment processing customers of all sizes to improve their cards and payments businesses by replacing legacy hardware and software with a single, flexible and cost processing effective platform.
On 2 July 2014, Tech Mahindra announced that it has signed a Joint Venture (JV) agreement with Midad Holding, which is a subsidiary of Al Fozan, a preeminent group with diversified business interests in Saudi Arabia. The JV will be called Tech Mahindra Arabia. Tech Mahindra will have 51% ownership while Midad will own 49% stake. Headquartered in Al Khobar, Tech Mahindra Arabia will also have presence across other major cities in Saudi and will be functional post the regulatory approvals.
On 22 July 2014, Tech Mahindra announced plans to significantly expand in Korea. The company said in a statement that it will offer an array of innovative solutions and consulting services focused on meeting the needs of customers in Korea in various industries such as Manufacturing, Auto, Aerospace & Defense, Telecom, Oil & Gas, BFSI, Healthcare, Engineering Services, Device Engineering, Telecom and EBS.
On 4 September 2014, Tech Mahindra announced that it has signed an agreement with Bombardier Aerospace. As part of this engagement, Tech Mahindra will provide engineering solutions to Bombardier.
On 18 September 2014, Tech Mahindra announced that it will work together with Bosch Software Innovations, the software and systems house of the Bosch group to develop an ecosystem to enable innovative solutions for the connected world and connected enterprises. Tech Mahindra's Digital Enterprise Solutions group will work with Bosch Software Innovations to develop proof of concepts and solutions that will focus on developing connected solutions for smart cities, enterprises and smart homes.
On 23 September 2014, Tech Mahindra announced that it has been selected by Ahlstrom to manage its information technology operations. With the multi-year, multi-million euro agreement, Ahlstrom aims to increase efficiency, harmonize service levels and lower IT costs.
On 6 October 2014, Tech Mahindra announced that it has successfully launched and operationalized 'The HUB for Airbus Group'. The HUB is a long-term transition from execution models to a platform-based approach in Product Development and Engineering services. The Airbus HUB will deliver multi-domain services and solutions, ranging from product development to after-market services to the Airbus Group.
On 12 November 2014, Tech Mahindra announced the evolution of its next-generation managed services offering, Tech Mahindra MSO based on its modular Enterprise Managed Network Service (mEMS2.0) platform. This cloud-based framework is designed to help enterprises pave the way for a modular, flexible and scalable approach for building NexGen MSO services that can meet enterprise customers' critical demand - optimized service with exponential value at a very efficient cost.
On 20 November 2014, Tech Mahindra announced that it has signed a definitive agreement to acquire global network services leader Lightbridge Communications Corporation (LCC) for an enterprise value of approximately $240 million, subject to regulatory approvals. Headquartered in McLean, Virginia, LCC, with annual revenue of more than $400 million, is one of the world's largest independent global providers of Network Engineering services to the telecommunications industry. The acquisition positions Tech Mahindra as the pre-eminent partner for network services globally.
On 25 November 2014, Tech Mahindra announced the launch of Usage Based Insurance (UBI), a big data and predictive analysis driven platform for auto insurers. It allows them to adjust premiums according to actual usage patterns of individual drivers instead of industry averages.
On 11 December 2014, Tech Mahindra announced the inauguration of the new IT block in Bhubaneswar, Odisha adding to the existing block that houses 500 associates. The total capacity of the Bhubaneswar facility with the addition of new building will be 1,111 seats.
On 17 December 2014, Tech Mahindra announced the launch of Automotive Aftermarket Suite. It enables Tech Mahindra to offer innovative solutions in the space of Telematics, sensor-based predictive maintenance, for thousands of cars on the road worldwide. The Automotive Aftermarket Suite is one-of-the first platform solutions in the Aftermarket space. Tech Mahindra plans to provide this solution as a managed service to OEM's, importers, and dealer networks.
On 6 January 2015, Tech Mahindra announced that it has teamed-up with global telecom technology firm Avion Systems to provide Network Design and Engineering Services to major communications service providers. Tech Mahindra has been chosen as a minority investor at Avion Systems and the new joint venture will be called Avion Networks Inc. The joint venture aims to play a significant role as a strategic supplier of choice to the carriers in the final deployment and management of current mobile networks and their planned transformation into the next-generation cloud enabled, virtual and software driven networks.
On 9 January 2015, Tech Mahindra announced that it has signed a definitive agreement to acquire SOFGEN Holdings Limited (SOFGEN), a niche consulting and services company with worldwide presence specializing in Private/Wealth, Commercial and Retail Banking solutions. With this acquisition, Tech Mahindra will have the capability to offer a unique combination of 'Change the Bank and Run the Bank' services to Retail banking, Private Banking and Wealth Management customers globally.
On 11 February 2015, Tech Mahindra's subsidiary Mahindra Comviva announced a target growth of 300% by 2018 in the Americas region. Mahindra Comviva said at that time that it would focus on expanding its footprint in the Americas through advanced mobile wallet and payments solutions.
On 24 February 2015, IBM announced that it has signed a strategic teaming agreement with Tech Mahindra to accelerate global hybrid Cloud adoption. Through this alliance, IBM will provide an open, flexible cloud environment to enable Tech Mahindra's developers to build cloud-native and cloud enabled applications with a scalable model.
On 4 March 2015, Tech Mahindra announced, the launch of best in class SDN and NFV based solutions suite to address the ever changing network scenarios and demands in building the smart cities. Tech Mahindra has established itself as a key player in the SDN-NFV space and offers vendor neutral System Integration capabilities and highly scalable Managed Services to its customers.
On 5 March 2015, CA Technologies and Tech Mahindra announced that they have entered an agreement to develop and deploy end-to-end secured Internet of Things (IoT) solutions for enterprise customers worldwide. The agreement will leverage solutions from the CA DevOps portfolio including CA Release Automation, CA Service Virtualization, CA Mobile App Analytics and CA Unified Infrastructure Management (CA UIM) with Tech Mahindra's expertise to build and deliver mobile applications. This effort will offer enterprise customers advanced management capabilities resulting in improved operational efficiency and customer loyalty.
On 10 March 2015, Tech Mahindra announced the opening of the first Center of Excellence (CoE) for Google tools at Tech Mahindra's Global Solution Center in Cyberjaya, bringing transformational solutions to enterprises across Malaysia and the Asia Pacific region. The CoE aims to be the hub for innovation within the region and to focus on nurturing and building solutions with the best combination of products and technologies.
On 20 March 2015, Tech Mahindra announced that it has signed a strategic agreement with Gao Feng Advisory Company (Gao Feng), a global management consultancy with roots in China. Both firms will seek to join forces to deliver a unique and comprehensive set of services to their clients in China and worldwide.
On 15 April 2015, Tech Mahindra and Nasdaq listed Comverse announced that they have reached an agreement in principle on a strategic relationship, whereby Comverse will accelerate its transformation as a global innovator in digital services by leveraging Tech Mahindra's expertise and scale in development and delivery of digital offerings. As part of this initiative, employees from certain functions within Comverse's Digital Services business unit are anticipated to join Tech Mahindra.
On 22 April 2015, Tech Mahindra announced the launch of its fourth center in Philippines. The company will service global enterprise & telecommunication clients from the new facility.
On 30 April 2015, Tech Mahindra announced that the company was selected by Clark County Water Reclamation District (CCWRD) to implement Oracle Utilities Customer Care and Billing. Clark County Water Reclamation District is a water reclamation utility with offices in Clark County, Las Vegas, Nevada. Tech Mahindra is a Platinum level member of Oracle PartnerNetwork (OPN).
On 6 May 2015, Tech Mahindra announced the inaugurating a new office space in G g, Sweden.
On 13 May 2015, Tech Mahindra and MDS, a leading provider of real-time charging, billing and customer management solutions, announced a strategic global alliance with the first client win at Dixons Carphone. Tech Mahindra has implemented the leading billing and customer management solution of MDS and will manage the entire services infrastructure for Dixons Carphone iD, which will operate on three networks.
On 19 May 2015, Tech Mahindra announced that it will build an Intelligent Electric Vehicle Charging System (IEVCS) designed to help build Ontario's clean energy future. The project, sponsored by Ontario's Ministry of Energy and funded in part through the Ontario Smart Grid Fund initiative, will analyze the effects of electric vehicle charging on transformers by creating a real time transformer monitoring and analytics solution. The key benefit of the solution is the real time monitoring of the transformers and the ability to automatically manage the charging between vehicles to ensure the transformers do not overload as a result of EV charging.
On 11 June 2015, Tech Mahindra announced the launch of its next generation Cloud Management Platform mPAC (managed Platform for Adaptive Computing) for Hybrid IT Management. It leverages technologies from HP and VMTurbo suite of products.
On 24 June 2015, Tech Mahindra announced that it has been selected by Circle Health after a competitive procurement process to become their chosen technology partner for the next 10 years. The project will be delivered by nth Dimension, a newly formed wholly owned subsidiary of Tech Mahindra in the United Kingdom. The value of the contract is 50 million over 10 years.
On 29 June 2015, Tech Mahindra said in an investor update ahead of the announcement of its Q1 June 2015 results that there have been some headwinds and tailwinds which could see a risk of marginal decline in the company's revenue and EBITDA margin on a sequential basis in Q1 June 2015. The company also warned at that time that FY 2016 organic communications business growth could remain subdued due to delayed decision making by clients.
On 8 July 2015, Tech Mahindra and PNMsoft, a global provider of Intelligent BPM Software (iBPMS) solutions, announced a collaboration to offer superior customer experiences.
On 20 August 2015, Tech Mahindra announced that the Reserve Bank of India has granted an in-principle approval to the company to set up a Payments Bank. The bank will be an independent unit under the Mahindra Group led by Tech Mahindra and Mahindra Finance, a leading rural NBFC, as equal contributors to the new entity.
On 14 September 2015, Tech Mahindra announced that it has joined Real-Time Innovations' (RTI) rapidly expanding Services Delivery Partner (SDP) program, designed to help companies capitalize on the growing Industrial Internet of Things (IIoT) market. RTI SDPs offer outsourced product development, system integration and domain-specific consulting across multiple industries.
On 5 October 2015, Tech Mahindra and Bombardier Commercial Aircraft announced that they have signed an agreement under which Tech Mahindra will develop the Aircraft Ground Support System (AGSS) for Bombardier's Aircraft Health Management System (AHMS) for the C Series family of aircraft. The AGSS will facilitate real-time and post-flight recorded data management, fault notification and diagnostic reporting. By leveraging the large amount of data recorded and transmitted from C Series aircraft, the AHMS will allow operators to make sound decisions on aircraft performance and maintenance.
On 14 December 2015, Tech Mahindra and its parent company Mahindra & Mahindra (M&M) jointly entered into an agreement with Pincar S.r.l., to purchase a controlling stake in Pininfarina S.p.A., an iconic Italian brand in automotive and industrial design. The investment by Tech Mahindra and M&M will be done via a joint venture company held 60% by Tech Mahindra and 40% by M&M. Pininfarina's legendary brand status will allow Tech Mahindra powerful access to relationships the iconic designer has nurtured with the best in the world over its 85-year history, including with Ferrari, Alfa Romeo, Maserati and Peugeot.
On 23 December 2015, Tech Mahindra announced the launch of India's first contactless digital payment ecosystem branded MoboMoney.
On 7 January 2016, Tech Mahindra announced that it has entered into a strategic alliance with MetricStream, Inc, the global market leader in Governance, Risk and Compliance (GRC) Management Apps, to deliver GRC Solutions across the globe. Tech Mahindra has established a dedicated MetricStream Center of Excellence (CoE) in Bangalore, India, which will be supported by expert consulting services worldwide in various geographical markets. The GRC offering will target verticals such as BFSI, Retail, Manufacturing, Healthcare, Telecom and Infrastructure.
On 17 February 2016, Tech Mahindra and Qlik, a leader in visual analytics, announced that the companies have expanded their global alliance. Qlik and Tech Mahindra will work together to bring further value to joint customers through Tech Mahindra's platform offerings and Qlik's unique platform approach to visual analytics.
On 23 February 2016, Tech Mahindra announced that it has been selected by Nationwide Building Society to provide Network and Infrastructure Transformation services in a five year, partnership agreement. Tech Mahindra will provide specialist resources to support Nationwide's network upgrade and digital banking strategy, enabling the Building Society to improve efficiencies across its branches and offices and to expand its customer-facing digital services.
On 23 February 2016, Tech Mahindra announced plans to build Internet of Things (IoT) solutions by utilizing the Microsoft Azure IoT Suite. On 25 February 2016, Tech Mahindra and Comptel Corporation announced their collaboration to re-write telecommunications operators' billing playbooks. On 23 March 2016, Tech Mahindra announced that it has expanded its footprint in France with the launch of a new Development Centre facility in Toulouse, dedicated to projects for its existing partner and customers in the aerospace industry.
On 28 March 2016, Tech Mahindra announced its participation as a member of the new GE Digital Alliance Program that is dedicated to growing the digital industrial ecosystem. Tech Mahindra and GE Digital will work together to create innovative solutions that will address the need of the Power, Oil and Gas, and Transportation industries. Tech Mahindra has been an early adopter of the Predix platform, GE's cloud platform-as-a-service for the Industrial Internet.
On 25 April 2016, Tech Mahindra and Newtec, a specialist in designing, developing and manufacturing equipment and technologies for satellite communications, signed an agreement which will see the two companies cooperate on future projects. Newtec and Tech Mahindra will initially work together on a contract awarded by satellite operator Yahsat.
On 18 May 2016, Tech Mahindra announced the launch of Fresh Produce End to End Digital Supply Chain (FEEDS) solution. This revolutionary initiative manages the food supply chain, which enables companies to transport farm grown produce and deliver it as fresh as if it were grown locally. FEEDS enables business collaboration, maintains product quality and freshness while providing a 15-20% reduction in losses and wastes.
On 27 May 2016, Tech Mahindra announced that it has entered into an agreement to acquire Target Group, one of the leading processing platform companies in the UK. The acquisition strengthens Tech Mahindra's BFSI practice by access to IP and platform which helps automate end-to-end processes in the lending, investments and insurance market. As part of the agreement, Tech Mahindra has agreed to purchase 100% of the shares of Target Group for an Enterprise Value of GBP 112 million. Target Group had revenues of GBP 51 Million in 2015.
On 1 June 2016, Tech Mahindra announced that it has been selected by Department of Motor Vehicles (DMV) of Nevada, US to be the prime systems integrator for the System Modernization or 'SysMod' project - a transformational initiative to modernize the DMV operations.
On 13 June 2016, Tech Mahindra announced collaboration with ArisGlobal, a leading provider of cloud-based software solutions for life sciences, to provide the life sciences industry with a complete end-to-end solution for identification of medicinal products compliance.
On 22 June 2016, Tech Mahindra announced the acquisition of The BIO Agency (BIO), headquartered in the UK. The BIO Agency specialises in digital transformation and innovation, helping organisations change the way they engage with their customers.
On 26 July 2016, Tech Mahindra announced that it has launched its 17th Delivery Center in Cincinnati Blue Ash Area, US to primarily serve its customers with export control services within the Aerospace & Defense sector. The center will primarily be leveraged to provide Engineering, Big Data and Analytics services to a large conglomerate in the region and also other customers in the US.
On 26 September 2016, Tech Mahindra announced collaboration with DxContinuum, Inc., a leader in the field of predictive analytics for sales and marketing teams, to provide a highly intuitive and usable solution for business-to-business (B2B) sales organizations. The joint offering delivers highly accurate forecasts, dramatically boosts productivity and enables sales teams to get a jump on cross-sell/upsell opportunities on a subscription base.
On 27 September 2016, Tech Mahindra unveiled new strategy for network services business, which will enable communication service providers to transform and modernize their networks faster. Network services are a key part of Tech Mahindra's communication business, which accounts for nearly half the company's overall business.
On 28 September 2016, Tech Mahindra announced that it has successfully completed the first phase of transformation at Oklahoma Gas and Electric (OG&E), a regulated electric utility serving over 819,000 customers in Oklahoma and western Arkansas. Tech Mahindra has signed a multiyear, multimillion-dollar contract with OG&E.
On 30 September 2016, Tech Mahindra announced that it has been selected by the state government of Jharkhand as a strategic partner to help the state government in its digital journey and employment generation through skill development. As a strategic IT partner, Tech Mahindra will work towards promoting technology adoption by the citizens in the state apart from helping build an ecosystem with greater participation of industry players. The partnership also requires Tech Mahindra to work with the state government to promote digital literacy and skill development working with various industry organizations including Nasscom Foundation.
On 2 November 2016, Tech Mahindra announced that it has been chosen as the strategic ICT (Information and Communications Technology) supplier by Stockmann, a Finnish company engaged in retail operations.
On 2 November 2016, Tech Mahindra announced the launch of its Virtual Network Function (VNF) Exchange, along with a number of leading new age providers of Software Defined Networks (SDN) and Network Functions Virtualization (NFV) products. As the first product independent global industry platform, Tech Mahindra's VNF Exchange is aimed at pre-certifying VNF design, VNF stack and VNF performance.
On 23 November 2016, Tech Mahindra announced the launch of the Connected Service Experience Solution, which will enable the manufacturing industry to integrate connected devices with end-to-end business processes. Built on Pegasystems' industry-leading Pega 7 Platform, this solution allows organizations to harness the power of the Industrial Internet of Things (IIoT) for increased efficiency and better customer experiences.
On 4 January 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. The JV Company in which Tech Mahindra holds majority stake would cater to the market in the Kingdom of Saudi Arabia (KSA). Al Fozan Group is a leading conglomerate with operations throughout the Middle East.
On 16 January 2017, Tech Mahindra announced the opening of a Centre of Excellence (CoE) in Dublin, Ireland. The Dublin CoE will be central to Tech Mahindra's operations in Ireland and would focus on emerging technologies such as Robotics and Automation, Business Analytics, Cloud Infrastructure and Digital Services. As a part of a new investment in Ireland, the Dublin CoE will bolster Tech Mahindra's regional footprint in the country and help the company deliver technology services to clients in Ireland as well as Europe.
On 6 March 2017, Tech Mahindra announced that it has signed a definitive agreement to acquire CJS Solutions Group LLC, a US-based healthcare Information Technology consulting company that does business as (DBA) 'The HCI Group.' Tech Mahindra will make an upfront payment of US$ 89.5 million for purchase of 84.7% stake in the company. The balance stake of 15.3% will be acquired over a period of three years.
On 10 March 2017, Tech Mahindra announced that the company has selected Jacada Inc. a leading international provider of digital customer experience technology, to accelerate the digital transformation of customer operations for clients across industries. Jacada's digital customer experience technology helps in simplifying interactions between businesses and their customers.
On 17 March 2017, Tech Mahindra and Huawei Enterprise Business Group (EBG) signed a global partnership agreement. As per the agreement, Tech Mahindra will market Huawei's enterprise products and services across 44 countries including India. The alliance would also involve launching a joint go-to-market (GTM) strategy, thus giving a boost to the competitiveness of both companies in the global marketplace, by leveraging each other's core strengths. Huawei is a leading global ICT solutions provider.
On 3 October 2017, Tech Mahindra announced that it has won a multi-year, multi-million euro deal from Ahlstrom-Munksj to manage the company's end-to-end IT operations. Tech Mahindra will assist Ahlstrom-Munksj in its digital transformation journey, with end-to-end IT services and solutions including IT user support, infrastructure management and application support using next generation digital and automation tools and technologies. Besides, approximately 25 employees of Ahlstrom-Munksj are expected to be transferred to Tech Mahindra as per the agreement.
On 11 October 2017, Tech Mahindra and the Saudi Telecom Company (STC), represented by its enterprise focused business unit, STC Business, announced a strategic alliance aimed at enabling the Kingdom of Saudi Arabia (KSA) in its Vision 2030 through innovations in digitalization targeting a broad spectrum of sectors. As a part of the Vision 2030, the KSA is looking at making the kingdom a global model of excellence on all fronts by diversifying its economy and developing public sectors such as health, education, infrastructure, recreation, and tourism.
On 13 November 2017, Tech Mahindra and Toshiba Digital Solutions announced their strategic partnership to work in the area of smart factory. As strategic partners, the two companies will synergize their group manufacturing heritage, domain expertise and existing customer base to expand business in the smart factory market together. This partnership aims to leverage strengths of both the companies and offer a one stop solution for manufacturer customers with the latest IoT technologies and system integration capabilities from both sides.
On 21 December 2017, Tech Mahindra announced that it is partnering with Gao Feng Advisory Company to set up a Joint Artificial Intelligence (AI) Lab in Shanghai. The AI lab will work in the areas of futuristic digital technologies including AI Chatbot Services, Smart Process Automation, NLP (Text Analytics), Image Recognition & Processing, Machine Learning and Predictive Analytics. With this, both the firms aim to deliver unique and comprehensive set of services to their clients in the Greater China region starting from strategy to implementation and enabling clients in their Digital Transformation journey. Gao Feng Advisory Company is a global strategy and management consulting firms with strong roots in China.
On 15 January 2018, Tech Mahindra announced that the company is working with IBM to help Tech Mahindra's clients migrate their most demanding workloads to IBM POWER9. This multi-year relationship is designed to accelerate Power Systems adoption for IBM and strengthen Tech Mahindra's offerings around virtualization, data center transformation and high-performance computing. Tech Mahindra is an IBM Business Partner and assists clients with migrations to Power-based solutions.
On 15 January 2018, Tech Mahindra announced that it has partnered with ContextSpace Solutions Ltd, a privacy research and development firm based in Israel, to develop the world's first global software privacy ecosystem, MyData Shield. Tech Mahindra has developed MyData Shield, a cloud-based Privacy Protection as a service that will enable software developers to easily address security and personal data protection concerns.
On 23 January 2018, Tech Mahindra announced that it will now make available AT&T FlexWare, a transformative, global network infrastructure solution from AT&T Inc., to its global clients as well as use it internally. Tech Mahindra intends to combine AT&T FlexWare with its System Integration and Services Portfolio, and offer the solutions to its global clientele who are undergoing digital transformation.
Mahindra Racing, the only Indian team to compete in the ABB FIA Formula E Championship, announced the formation of a strategic partnership with Pininfarina and Tech Mahindra on 24 January 2018. This agreement gives Mahindra Racing access to Pininfarina's globally renowned design expertise and Tech Mahindra's digital technology prowess.
On 22 February 2018, Tech Mahindra announced a strategic investment of CAD 100 million over 5 years to establish a new Center of Excellence' (COE) in Canada. This strategic initiative will focus on major technologies such as Artificial Intelligence (AI) and Blockchain, which are driving innovation across industries and will cater to the exponentially growing need for AI and Blockchain application especially in the Fintech' and Smart Cities' spaces.
During the fiscal 2019, the company has entered into an agreement to acquire 100% stake in Dynacommerce Holdings B.V. vide Share Purchase Agreement dated 31 January 2019 for a value of EUR 0.48 million (Rs 37 million). Further during the year as per the agreement with minority stakeholders, company has acquired additional 4.07% stake in CJS Solutions Group, LLC (CJS) of USD 7.4 million (Rs 510 million).
During the FY2020, the IT and business process management industry is recalibrating to manage the impact of the COVID-19 outbreak. The industry powers critical healthcare, finance, and telecom services.
The Group, pursuant to the share purchase agreement acquired 100% stake in Dynacommerce Holdings B.V on 09 May 2019 for a consideration upto EUR 2.16 million (Rs 168 million), out of which EUR 0.48 million (Rs 38 million) was paid upfront and the balance amount of EUR 1.68 million (Rs 130 million) is payable on achieving performance based milestones.
The Company on 31 July 2019, through its wholly owned subsidiary Tech Mahindra (Americas) Inc. acquired 65 % stake in Mad*Pow Media Solutions LLC for a upfront consideration of USD 16.71 million (Rs 1,151 million). Further the subsidiary of the company has entered into a binding agreement to purchase the balance 35% stake over a period of three-year, ending 31 March 2022 for which a financial liability of USD 11.52 million (Rs 793 million) as at balance sheet date of 31 March 2020 has been recognised.
Further, the company in October 2019, through its wholly owned subsidiary Tech Mahindra (Americas) Inc. acquired 100 % stake in Objectwise Consulting Group Inc. for an upfront consideration of CAD 2.25 million (Rs 121 million).
The Company has invested an amount of GBP 7.77 million (Rs 720.82 millon) in Mahindra Engineering Services (Europe) Ltd by subscribing to the Preference Shares of the company on 19 November 2019.
The company, pursuant to the share purchase agreement acquired 100% stake in Born Commerce Private Limited on 25 November 2019 for a consideration of USD 12 million (Rs 873 million). Further the Company through its wholly owned subsidiary Tech Mahindra Singapore Pte. Limited, acquired 100% stake in Born Singapore Pte. Limited (Born Group) on 26 November 2019 for an upfront consideration of USD 59 million (Rs 4,224 million) and contingent consideration linked to financial performance of calendar year 2019. As at 31 March 2020, contractual obligation towards contingent consideration amounts to USD 23.10 million (Rs 1,657 million). Born Group is engaged in providing content production and commerce solutions services across USA, APAC and Europe.
The company, through its wholly owned subsidiary Tech Mahindra (Americas) Inc. has entered into an agreement to acquire 100% stake in Zen3 Infosolutions (America) Inc., ('Zen3') vide Stock Purchase Agreement dated 24 February 2020 (Amended and restated 08 April 2020) for purchase consideration of USD 39 million (Rs 2,949 million), comprising cash consideration of USD 35 million (Rs 2,647 million) and retention pay-outs of USD 4 million (Rs 302 Million), payable over next two years. Further, the company has agreed to pay upto USD 25 million (Rs 1,891 million) for earned out linked to revenue and earnings before interest, depreciation and amortization (EBITDA) over three years.
The company has sold its entire stake in Fixstream Networks Inc. as on 30 September 2019 for an amount of USD 2 million (Rs 142 Million ) of which USD 0.5 million (Rs 36 Million) is in Escrow Account.
The subsidiary of the company, Comviva Technologies Limited has sold its entire stake in Terra Payment Services South Africa (Pty) Limited and Terra Payment Services(Netherlands) BV and its subsidiaries, hereinafter referred as Terra Group, on 02 March 2020 for an amount of USD 9 million (Rs 652 Million). Consequently, the company has recognised a gain of Rs 691 million in the consolidated financial statements of FY2020.
The Company on April 9, 2020 acquired 51% of the share capital of Cerium Systems Private Limited. It acquired a further 6% stake thereby taking the total shareholding to 57%. It acquired 100% of the share capital of Zen3 for a cash consideration of USD 64 million, out of which USD 35 million was paid upfront. It acquired 100% of the share capital of Tenzing Ltd and Tenzing Australia Ltd., through its wholly owned subsidiary Tech Mahindra (Singapore) Pte Ltd. It acquired Momenton Pty. Ltd. through its wholly owned subsidiary, Tech Mahindra (Singapore) Pte Limited, which was completed on 12th February 2021. It acquired 70% of Perigord Asset Holdings Limited through its wholly owned subsidiary Mahindra Engineering Services (Europe) Ltd. The Indian subsidiaries of Perigord were acquired by the Company directly and the said acquisition was completed on 15th March, 2021. It acquired Payments Technology Services Limited, Hongkong on 12th January, 2021 at a consideration of USD 9 million. It acquired DigitalOnUs, Inc.on 19th April 2021, through its wholly owned subsidiary, Tech Mahindra (Americas) Inc. It acquired Eventus Solutions Group, LLC. on April 26, 2021 through its wholly owned subsidiary Tech Mahindra (Americas) Inc. at a consideration of USD 44 million. During the year 2020-21, Company has closed/merged 8 subsidiaries.
On January 31, 2021, the Board of Directors approved the Scheme of Merger of Tech Mahindra Business Services Ltd and Born Commerce Private Ltd with the Company and accordingly, the companies had filed the applications before Hon'ble National Company Law Tribunal (NCLT), Mumbai and Chennai Benches respectively.
Tech Mahindra Ltd
Directors Reports
Your Directors present the Thirty Fifth Annual Report along with the audited accounts
of your Company for the year ended March 31, 2022.
FINANCIAL RESULTS (STANDALONE)
(Rs in Million)
| For the year ended March 31 |
2022 |
2021 |
| Income |
362,489 |
305,627 |
| Profit Before Interest, Depreciation and Tax |
70,081 |
62,521 |
| Interest |
(636) |
(632) |
| Depreciation |
(6,599) |
(6,623) |
| Profit Before Tax |
62,846 |
55,266 |
| Provision for Taxation |
(13,715) |
(12,875) |
| Profit After Tax |
49,131 |
42,391 |
| Other Comprehensive Income |
1,081 |
2,453 |
| Balance brought forward from previous year |
200,874 |
184,021 |
| Profit available for appropriation |
249,753 |
226,432 |
| Equity Dividends (Including tax on dividend) |
(43,624)1 |
(19,335)2 |
| Transfer to retained earnings on account of options lapsed |
74 |
96 |
| Transferred to Special Economic Zone re-investment reserve (net of utilisation) |
- |
(6,319) |
| Transferred from Special Economic Zone re-investment reserve on utilization |
6,348 |
- |
| Balance carried forward |
212,551 |
200,874 |
1 Interim Dividend (Special Dividend) for the Financial Year ended March 31,2022 and
Final Dividend for the Financial Year ended March 31,2021
2 Interim Dividend (Special Dividend) for the Financial Year ended March 31,2021 and
Final Dividend for the Financial Year ended March 31,2020
DIVIDEND
The Board of Directors on October 25, 2021 approved a special dividend of Rs 15/- per
share (i.e. 300%) on par value of Rs 5/- each which was paid by the Company to the
shareholders whose names appeared in the Register of Members as on November 5, 2021, being
the record date for the payment of dividend. Your Directors are pleased to recommend a
final dividend of Rs 30/- per share (including a special dividend of Rs 15/- per share) on
par value of Rs 5/- (i.e. 600%), payable to those Shareholders whose names appear in the
Register of Members as on the Book Closure Date. Thus, the total dividend for the F Y
202122 will be Rs 45/- per share (i.e. 900%) similar to the dividend of Rs 45/- per share
(i.e. 900%) paid for the Financial Year 2020-21.
Your Company has formulated a Dividend Policy which is disclosed on the website of the
Company and can be accessed at https://insights.techmahindra.com/
investors/tml-dividend-distribution-policy.pdf
SHARE CAPITAL
During the year under review, your Company allotted 3,573,412 equity shares on the
exercise of stock options under various Employee Stock Option Schemes. Consequently, the
issued, subscribed and paid-up equity share capital has increased from Rs 4,841 million
divided into 968,260,067 equity shares of Rs 5/- each to Rs 4,859 million divided into
971,833,479 equity shares of Rs 5/- each.
BUSINESS PERFORMANCE / FINANCIAL OVERVIEW
Tech Mahindra lives by the philosophy of creating a connected world built on connected
experiences. It thrives on change powered by the intelligent symphony of technology and
humans, designing both meaningful and sustainable experiences. Your Company is strongly
positioned to succeed in this new normal and deliver what's NXT.NOW for its customers. The
Company has a rare combination of connectivity and experience as its endowment which,
along with its big bets on Cloud and engineering, form the Company's NXT.NOW strategy.
The main components of the NXT.NOW Strategy are:
Connectivity - Modernizing networks has been our legacy for more than 25 years,
serving the top global wireless communication service providers.
Experience - The Company provides award-winning and industry-leading capabilities
in human-centric design.
Cloud - The Company continues to invest in rapidly scaling its partnerships and is
uniquely positioned to deliver on the promise of Cloud, AI, and cyber security for its
customers.
Engineering - The Company is home to leading products and software capabilities,
enabled by a network of global excellence centers and top engineering talent.
During the Financial Year ended on March 31, 2022, the Company's revenues grew to Rs
446,460 million on consolidated basis as against Rs 378,551 million in the previous year -
indicating a robust growth of 18%. The growth was broad based across geographies as both
Americas and Europe contributed in line with overall revenue growth. The Company also saw
healthy growth across business segments in CME and Enterprise verticals.
The EBITDA on consolidated basis for the Financial Year 2022 was Rs 80,200 million, a
growth of 17% over the previous year EBITDA of Rs 68,470 million. The resultant EBITDA
margins were in a similar range - 18% in FY 2022 as against 18.1% in FY 2021. The post-tax
profit of the Company increased by 25.7% to Rs 55,661 million in FY 2022 as against Rs
44,280 million in FY 2021.
The Company saw robust demand for digital transformation services with focus on
customer experience and cloud. The Company has seen new deal wins of over USD 3,000
million in the previous year indicating a healthy growth momentum across all business
verticals. Your Company's investments in Enterprise SaaS and Hi-tech capabilities will
help it cater to increasing modernization demands from businesses in Financial Year 2023
and beyond.
ACQUISITIONS
Your company made the following acquisitions during the financial year 2021-22.
DIGITALONUS
The Company on May 7, 2021, acquired 100% of the share capital of DigitalOnUs Inc.
through its wholly owned subsidiary company Tech Mahindra (Americas) Inc. at a
consideration of USD 120 million including earnouts and retention bonus. The company is
headquartered in California, USA and is focused on Cloud Native Development and Hybrid
Cloud Automation Services. This acquisition helped your Company in enhancing capability in
Cloud Native Engineering and positioned the Company to develop cutting-edge digital
solutions for its customers.
EVENTUS SOLUTIONS GROUP
The Company on June 18, 2021, acquired 100% of the share capital of Eventus Solutions
Group, LLC (Eventus) through its wholly owned subsidiary company Tech Mahindra (Americas)
Inc. at a consideration of USD 44 million including earnouts. Eventus is headquartered in
Denver, Colorado, USA and has strong consulting capability in customer experience (CX) and
customer management and enabled your Company to build an industry leading consulting
practice in BPS business.
BERIS CONSULTING GMBH
The Company on October 1, 2021, acquired 100% of the share capital of Beris Consulting
GmbH (Beris) through its subsidiary Company Tech Mahindra GmbH at a consideration of EUR 7
million including earnouts. Beris has 125 employees and helps your Company to unlock the
transformational growth in the IT and application space for the automotive industry as a
result of industry trends such as EV, Sharing & Mobility. It will also help your
Company to expand its presence, hone local expertise and client relationships in the
German market.
INFOSTAR LLC
The Company acquired 100% of the share capital of Infostar LLC (Lodestone) through its
wholly owned subsidiary company Tech Mahindra (Americas) Inc. on October 25, 2021 at a
consideration of USD 105 million including earnouts. Lodestone is headquartered in
California, USA and helps your company to bolster end to end digital product engineering
capabilities across design, build and test by employing Lodestone's expertise in data
strategy and providing end to end product quality assurance across hardware, software and
data layers.
WE MAKE WEBSITES
The Company acquired 100% of the share capital of We Make Websites, UK through its
step-down subsidiary company Born London Limited, UK on October 25, 2021 at a
consideration of GBP 9.4 million. The company is headquartered in UK and its offerings
include Custom Shopify App Development, focused Ecommerce Agency, Design & UX,
re-platforming, SEO & Data Migration, Headless Commerce, CRO, Performance Enhancement,
Payments & Checkout, Compliance, Accessibility and O2O strategy.
BRAINSCALE
The Company on November 17, 2021, acquired 100% of the equity shares in Brainscale Inc.
(Brainscale) through its wholly owned subsidiary company Tech Mahindra (Americas) Inc. at
a consideration of USD 28.8 million including earnouts. Brainscale has expertise in Cloud
consulting, Cloud enablement, Application Development and Data Analytics, which will
bolster your company's consulting capabilities in the Cloud transformation space and will
enable your Company to drive growth of Cloud related IT services.
ACTIVUS
The Company on December 3, 2021, acquired 100% of the equity shares in Activus Connect
LLC and Activus Connect PR LLC (together called as Activus) through its wholly owned
subsidiary company Tech Mahindra (Americas) Inc. at a consideration of USD 62 million
including earnouts. Activus is headquartered in Florida USA and has 1750 employees and is
in the business of remote customer experience and customer care solution. This acquisition
will help improve your company's capability in the work from home Customer Experience
Management by employing unique delivery model and disruptive platform called Smart
Virtual.
ALLYIS
The Company on December 31, 2021, acquired 100% of the equity shares in Green
Investments LLC (Allyis) through its wholly owned subsidiary company Tech Mahindra
(Americas) Inc. at a consideration of USD 122.4 million including retention bonus and
earnouts. Allyis is headquartered in Seattle, USA and has presence in US, Romania,
Costa-Rica and India. The Indian subsidiary was acquired by Tech Mahindra Limited, at a
consideration of USD 2.6 million. Allyis offers Technology consulting and managed services
that help Organizations to reduce costs, improve performance which would help your
Company's capabilities in digital experience solutions and engineering, cloud and
automation, BI and Analytics and Technical Support services.
CTC
The Company on January 17, 2022, acquired 100% of the equity shares in Com Tech Co IT
Limited (CTC) through its wholly owned subsidiary company Tech Mahindra London Limited at
a consideration of EUR 310 million including earnouts. CTC has 720 employees and is a
specialized digital engineering and outsourced product development organization with
development centers in Latvia and Belarus. It offers high-end-digital engineering services
to some of the largest insurance and reinsurance organisations globally. Your Company also
acquired 25% equity shares each in SWFT Technologies and Surance Ltd which are early stage
InsurTech SaaS ventures with a proven technology.
GEOMATIC.AI
The Company acquired 80% of the share capital of Geomatic.AI Pty Ltd, Australia through
its wholly owned subsidiary company Tech Mahindra (Singapore) Pte. Ltd on February 15,
2022 at a consideration of A$6 million. Geomatic.AI is headquartered in Australia and its
offerings include digital platforms led nonlinear growth in partnership with AusNet
Services an Australian Energy & Utilities distributor and will build digital twins for
linear assets leveraging Cloud, Drone and Mobility technologies in the Geospatial domain.
DETAILS OF SUBSIDIARIES / JOINT VENTURES / ASSOCIATE COMPANIES
The performance and financial position of the subsidiaries, associate and joint venture
companies included in the consolidated financial statement is provided in accordance with
the provisions of Section 129 read with Rule 5 of the Companies (Accounts) Rules, 2014
containing the salient features of the financial statement of the Company's
subsidiaries/joint ventures or associate companies in Form AOC - 1 in "Annexure I"
to this report.
Pursuant to Rule 8(5)(iv) of the Companies (Accounts) Rules, 2014, the names of the
companies which have been incorporated or ceased to be the subsidiaries, joint ventures or
associate companies during the year are provided in "Annexure II" to this
report. The Company is actively pursuing the initiative on the consolidation of its
subsidiaries/branches to optimize the operational costs. During the year under review,
your Company has closed/merged fourteen subsidiaries.
In terms of the provisions of Regulation 24 of the Securities and Exchange Board of
India (Listing Obligations and Disclosure Requirements) Regulations 2015, Tech Mahindra
(Americas) Inc. is a wholly owned unlisted material subsidiary of the Company.
The policy for determining material subsidiaries formulated by the Board of Directors
is disclosed on the website of the Company and can be accessed at
https://insights.techmahindra.com/investors/Policy-
For-Determining-Material-Subsidiaries.pdf
UPDATE ON MERGER
The Board of Directors at its meeting held on January 31, 2021 approved the Scheme of
Merger of Tech Mahindra Business Services Ltd and Born Commerce Private Ltd with the
Company. Accordingly, the companies filed the petitions before the Hon'ble National
Company Law Tribunal (NCLT), Mumbai and Chennai Benches respectively. The petitions are
pending for final hearing as on the date of this Report.
HUMAN RESOURCES
The employees of the Company are the most critical asset to your Company. The Company
has taken several steps to protect, retain, and improve the competencies of these assets
including:
Hiring: War for Talent
Your Company responded to the ‘Great Resignation' by adopting many innovative
practices such as remote hiring, hybrid working, productivity to the engagement of remote
workforce. With no location constraints, your Company could hire diverse talent including
stay- at-home women, retired professionals, Persons with Disabilities (PwDs), gig workers,
and more. Through the NXT.Town program, your Company started small centres in Tier-II and
Tier-III cities across India to proactively look beyond set boundaries and focus on
skill-based hiring in emerging technologies. Your Company is also committed to
diversifying talent hiring at global delivery centres to improve local customer connect.
Your Company has restructured its referral and campus recruitment programs to actively
encourage hiring at the ‘bottom of the pyramid'. The Digital RMG platform has helped
your Company proactively hire based on forecasted demand through a custom-built applicant
tracking system that allows collaborative hiring and improves the candidate experience.
Learning: Build v/s Buy Talent
At your Company, learning plays a strategic role in the achievement of business goals
by facilitating upskilling and creating a future-ready workforce, all the while fulfilling
its associates' career aspirations. In order to enable end-to-end digital transformation
for global customers, your Company is building skills and keeping its talent pool brimming
with new-age technologies. By offering skill-based and accelerated career movement
allowance through the Career Acceleration Policy, your Company is encouraging niche
skilling, thus creating a win-win situation. Your Company has launched a Cloud Finishing
School for creating project-ready talent in Cloud technologies to fulfil business needs.
After the success of the EMBARK capability building program for Program Managers, your
Company has started an Architect COE for solution and technical architects who work on
digital transformation. In an effort to build a roster of young and diverse leadership,
the Company has launched focused young leader and women leader programs, with an emphasis
on deploying them into new roles once their learning journey is complete. The Company has
also partnered with Harvard to offer bite-sized learning content via the Harvard Manager
Mentor (HMM) SPARK platform. Your Company continues to leverage its #NAD Learn platform to
create full-stack professionals through initiatives like fresher-skilling,
project-skilling, future-skilling and bench-skilling (Competence to Deployment) to create
future-ready talent, in line with its NXT.NOW philosophy.
Leadership: Extreme Ownership
The natural culture of empowerment at your Company was supercharged during the pandemic
as associates took ownership for their deliverables and leaders at all levels were an
integral part of the decision-making process. The Leadership team of the Company aims to
imbibe the following atomic habits - alternate thinking, bias for action, closure over
followup, data over emotions and extreme ownership. This was reinforced through the
adoption of a real-time Performance Management Dashboard for the 300+ talent-to-value
business leaders whose continuous executive coaching and performance management was
instrumental in your Company meeting its financial and strategic goals. Apart from
coaching, the Leaders at the Company have also had the opportunity to experience new forms
of learning with technology- enabled pedagogies like habit builders, qubit thinking,
cinema-based learning, gamification etc. The Company also launched the Leadership Retreat,
an eight-day-long learn-as-you-work residential program to replenish the physical,
emotional, cognitive, and social energies of mid and senior level leaders.
Performance: Outcome-Driven
Your Company launched the Annual Performance Feedback cycle in December 2021 and has
completed its performance appraisal. Aspiring to build a culture where performance is
enabled through feedback, managers have been trained to engage in better performance
review dialogues with their direct reports and work on an outcome-based evaluation, rather
than process or effort measurement. Your Company is creating a high-performance culture
through hyper- personalized incentive plans. Your Company has a suite of incentive plans
that are designed to create a strong alignment between individual wealth creation and
organizational performance. In addition to broad- based incentive plans, your Company has
also customized quarterly sprint incentives which create avenues for instant gratification
for associates across the front, middle, back offices as well as enabling functions,
thereby inculcating a spirit of collaboration. With platforms like Talex, #NAD Learn and a
revamped job rotations policy, your Company continued to improve internal mobility.
Wellness: Holistic Wellbeing
The ‘Wellness Before Business' mantra followed by your Company has ensured the
collective well-being and safety of its entire ecosystem of stakeholders, including
associates, customers, and partners. The Wealth of Wellness (WoW) program ensures
preventive, personalized, and proactive holistic wellness across all 8 dimensions of
wellness including physical, mental, emotional, and financial parameters. The Company has
launched new policies like the Bereavement Support for Dependents (COVID Support) Policy,
Sabbatical Leave Policy, and more in response to the unique challenges posed by the
pandemic. Your Company also provided financial security and crucial support through the
Associate Welfare Trust for 190+ associates, disbursing Rs 2.8 crores. To highlight the
importance of physical well-being, your Company launched the Wellness 101 Challenge as
well as the Run Anywhere virtual marathon to engage its associates who predominantly
worked from home and encouraged them to reclaim their fitness. Mental well-being was
prioritized through initiatives like the Mind Plan, People Care Manager Program and the
Emotional Wellness Self-Assessment.
Pandemic: #ResolveToRise
#ResolveToRise was an organization-wide campaign by the Company, rallying associates to
embrace the Rise credo and encouraging them to stay strong by sharing inspiring stories
and initiatives from the ground, including COVID warriors assisting those in need,
Company-led innovations using #TechForGood to help the most vulnerable, community-wide
volunteering efforts, and more. During the pandemic, the Company also setup a COVID-19
Support Fund, providing much-needed relief to affected families, setting up oxygen plants
and donating ambulances to charitable hospitals. Your Company also setup COVID care
centres at five major locations to help both associates and the larger community. Through
the SOS Seva, your Company helped patients access critical care including hospital beds,
oxygen cylinders, oxygen concentrators, medicines, and plasma. Through a series of
vaccination drives, your Company has encouraged protection and prevention, vaccinating
associates, their family members, and other third-party staff.
Communication: Building Purpose
Through effective internal communications, your Company ensures that the connected
purpose of the organisation is communicated to all associates, thus reiterating the core
philosophy of the brand: creating a connected world with connected experiences. With
hybrid working being the norm, your Company has made virtual connectedness a way of life
through various digital initiatives that were purpose-led, peoplecentric, and
performance-driven. Multiple mediums were used to reach out to associates including social
media, e-chats, emailers, campaigns, screensavers and more. With a
360-degree-communication approach, your Company has built a culture that is based on
celebration, positive change, and the credo of Rise which has resulted in a unifying pride
for the Company - their #LoveToBeTechM.
Diversity: Being Yourself
Your Company considers ‘diversity of people', ensuring ‘equitable
opportunities' and ‘inclusion at the workplace' as an instrument of growth. This has
reflected in the definition of the new vision statement of your Company. The earlier
Vision 2021 was about fostering innovation and that comes from ‘diversity of
thought'. The new Vision 2024 is about creating a purpose-led company. Your Company is
committed to pursuing ‘Purpose beyond Profits' by embedding Environmental, Social and
Governance (ESG) principles into its core strategy, thus creating a long-term positive
impact on the planet and society while providing greater value for all its stakeholders.
Improvements in Diversity, Equity and Inclusion practices is critical to improve the
Social aspect of ESG, and hence your Company has defined a roadmap for improvements across
the dimensions of Gender, Generation, People with Disabilities, the LGBTQ+ community as
well as cultures and nationalities. This also links back to the stated objective of your
Company to be human-centered by encouraging associates to bring their most authentic
selves to work.
Recognition: People at the Core
While timely recognition is key to a happy workforce, your Company also prioritizes
creating a culture of appreciation. Your Company's robust digital platform ensures both
recognition and appreciation with monetary and non-monetary rewards badges linked to
redemption points. Your Company also encourages its associates to donate their reward
points towards social causes and has an industryleading rewards penetration of
approximately 40%. To celebrate achievements in the virtual world, your Company introduced
the quarterly Spotlight awards and other timely sales- focused awards to reward growth,
collaboration, and high-impact initiatives. Your Company also included associates' family
members to virtually felicitate both Long Service Awardees and ACERs (consistent
performers for two years) for their outstanding contributions and commitment.
HR Digitization: Automation at every Step
Your Company has continued to invest in its flagship product, ‘Dove,' for new
joiners, enabling new capabilities for document submissions and personal information
updates. Your Company has continued to enhance self-service capabilities for existing
associates in diverse areas such as letter generation, work permits, automated approvals,
and proactive notifications for key events. Your Company has adopted Office 365 as well as
the Enate and UNO platforms to automate routine business transactions through BOTs. Your
Company has also taken steps to improve the post-joining and pre-exit processes to improve
communication as a step towards empowering associates with the right information. Your
Company has also leveraged Artificial Intelligence/ Machine learning to build internal
applications to provide associates with customer-like experiences.
Engagement: TechM CARES Survey
Your Company has taken active steps to build remote engagement by creating virtual
‘water-cooler' moments and updating policies in line with the ‘new normal'. To
ensure that associates were continuously engaged through the right channels and received
the right information at the right time, your Company followed the 4C model - Connect,
Collaborate, Career, and Celebrate. Associates have expressed their confidence and delight
through the TechM CARES survey where your Company has secured an overall rating of 4.58/5
- the highest score in its history. This engagement score represents a 54 basis points
increase over the last survey score of 4.04/5 and reinforces your Company's commitment to
create human-centered experiences for its associates.
QUALITY
The Company continues its focus on quality and strives to exceed customer expectations
at all times. During the year, it continued to strengthen the implementation of Quality
systems and upgraded various processes to comply with CMMI V 2.0 for both Dev and
Services. The Organization is recently assessed at Level 5 maturity. Similarly it
underwent various upgrade and re-certification audits for multiple standards during the
year in order to meet client demands and enhance value delivery. The Company has
Successfully re-certified, ISO 9001:2015 (Quality Management System), ISO 20000-1:2018
(Information Technology Service Management System), ISO 27001:2013 (Information Security
Management System), ISO 27701:2019 (Privacy Information Management System), TL9000 R 6.2/
R5.7 (Quality Management Systems for Tele Communications industry), ISO 13485:2016
(Quality Management Systems for medical devices - scope of certification limited to
medical devices business within Tech Mahindra), AS9100 Rev D (Standard for Aerospace
domain - scope of certification limited to the aerospace business within Tech Mahindra),
ISO 17025:2017 - Laboratory Quality Management Systems for device testing labs.
In addition to these, your Company also maintains its commitment to health, safety and
environment by continually improving its processes in accordance with ISO 14001:2015
(Environmental Management System) and ISO 45001: 2018 (Occupational Health and Safety
Assessment Series) standards. Your Company is also certified on ISO 22301:2012 (Societal
Security and
Business Continuity Management System) and has a comprehensive Business Continuity and
Disaster Recovery framework, to prevent potential business disruptions in the event of any
disaster. The Company has processes that helped resume services to customer's acceptable
service levels. Automated Service Desk with SLAs for enabling business and Vulnerability
Assessment and Penetration Testing Lab for secured corporate network operations are
highlights that showcase the information security posture of the Organization.
During the second year of the pandemic, the entire quality management system was put to
test with majority of the associates working from home. Complying with the Company's
security requirements, they were able to deliver services as per contractual commitments,
leading to great customer satisfaction.
Tech Mahindra (IT Division) has been assessed for the implementation of high maturity
business excellence practices at Mahindra Group (Services Sector). It has been assessed at
TMW Maturity Stage 7 (on scale of 1-10 stages) of Mahindra Business Excellence Framework -
The Mahindra Way. These certifications are testimony of the robustness of business
processes and at large the quality culture imbibed in the organization.
Your Company has continued to strengthen the process for transforming Quality Assurance
processes & delivery methods to adopt and strengthen Delivery excellence, Risk
governance, and further enhance automation to enable quality delivery to the customer.
Quality index which is a measure of quality of products and services delivery is
institutionalized.
All these actions are being taken to ensure that the Company deliver as stated in its
Quality Policy.
DIRECTORS
During the year under review, all Independent Directors have given declarations that
they meet the criteria of independence as laid down under Section 149(6) of the Companies
Act, 2013 and Regulation 16(1)(b) of the Securities and Exchange Board of India (Listing
Obligations and Disclosure Requirements) Regulations, 2015. The Independent Directors have
also given declaration of compliance with Rules 6(1) and 6(2) of the Companies
(Appointment and Qualification of Directors) Rules, 2014, with respect to their name
appearing in the data bank of Independent Directors maintained by the Indian Institute of
Corporate Affairs.
Pursuant to the provisions of Section 152(6)(c) of the Companies Act, 2013, Mr. C. P.
Gurnani, Managing Director & CEO (DIN: 00018234) is liable to retire by rotation and
offers himself for reappointment.
Further the term of Mr. C. P. Gurnani as Managing Director & CEO expires on August
9, 2022. The Board of Directors based on the recommendation of Nomination and Remuneration
Committee considering the performance of the Managing Director & CEO over the last 10
years & his contribution to the growth of the Company approved and recommends the
re-appointment of Mr. C. P. Gurnani as Managing Director & CEO for another term from
August 10, 2022 upto December 19, 2023, which is his date of retirement from the Company,
subject to the approval of shareholders at the ensuing Annual General Meeting.
Your Directors co-opted Ms. Penelope Fowler (DIN: 09591815) as an Additional Director
with effect from May 13, 2022. The term of Ms. Fowler will end at the ensuing Annual
General Meeting. As Ms. Penelope Fowler meets the criteria of an Independent Director, the
Board recommends her appointment as an Independent Director for a period of 5 years for
the approval of shareholders at the ensuing Annual General Meeting.
Mr. M. Damodaran (DIN: 00125299) has retired as an Independent Director of the Company
with effect from March 31, 2022. Your Board places on record its sincere appreciation for
the valuable contribution and timely guidance from Mr. M. Damodaran to the Company during
his tenure.
In terms of Regulation 24(1) of the Securities and Exchange Board of India (Listing
Obligations and Disclosure Requirements) Regulations 2015, Mr. T. N. Manoharan, Lead
Independent Director of the Company has been appointed as Director on the Board of Tech
Mahindra (Americas) Inc., a wholly owned unlisted material subsidiary of the Company with
effect from May 21, 2019.
In the opinion of the Board of Directors the Independent Directors have relevant
proficiency, expertise and experience.
FAMILIARISATION PROGRAMME
These programmes aim to provide insights into the Company to enable the Independent
Directors to understand its business in depth and contribute significantly to the Company.
The details of program for familiarisation of the Independent Directors with the Company
are available on its website and can be accessed at https://insights.techmahindra.com/
investorsltml-familarisation-progarmmes-for-IDs.pdf
The Board members are also regularly updated on changes in statutory provisions like
changes in Corporate Laws, SEBI Regulations, Taxation Laws and People related laws as
applicable at the quarterly Board meetings. The Board members are also updated on the Risk
universe applicable to the Company's business. The MD & CEO of the Company had
quarterly sessions with Board members sharing updates about the Company's business
strategy, operations and the key trends in the IT industry that are relevant to the
Company. These updates help the Board members in keeping abreast of key changes and their
impact on the Company.
BOARD EVALUATION
Pursuant to the provisions of the Companies Act, 2013 and Regulation 19 read with
Schedule II, Part D of the Securities and Exchange Board of India (Listing Obligations and
Disclosure Requirements) Regulations, 2015, the Board has devised a policy on evaluating
the performance of the Board of Directors, the Chairman, Committees, and Individual
Directors. The evaluation process was carried out through a web- based portal. The summary
of the evaluation reports was presented to the respective Committees and the Board. The
Directors had given a positive feedback on the overall functioning of the Committees and
the Board. The suggestions made by the Directors in the evaluation process have been
suitably incorporated in the processes.
NUMBER OF MEETINGS OF THE BOARD
The Board met four times during the Financial Year 2021-22. The meeting details are
provided in Corporate Governance report that forms part of this Annual Report. The maximum
interval between any two meetings did not exceed 120 days as prescribed in the Companies
Act, 2013 and SEBI Listing Regulations.
POLICY ON DIRECTORS' APPOINTMENT AND REMUNERATION
The Governance policies laid down by the Board of Directors of your Company include:
i. Policy on the appointment and removal of Directors, Key Managerial Personnel and
Senior Management.
ii. Policy on remuneration to the Directors, Key Managerial Personnel and Senior
Management and other Employees.
The extract of these two policies is provided in "Annexure III'
The policies are available on the website of the Company and can be accessed at
https://insights. techmahindra.com/investors/Governance-Policies-
including-remuneration-to-Directors-KMPS.pdf
SUCCESSION PLAN
In accordance with the principles of transparency and consistency, your Company has
adopted governance policies for appointments, remuneration and evaluation of its Board of
Directors, Key Managerial Personnel & Senior Management. In line with these Governance
policies, the Company has established a formal Succession Planning Program for key
managerial persons across the organization. The Board evaluates all such plans at a
regular interval and institutes a formal program for filling any such critical position.
The Board evaluates both internal and external candidates for such positions alongwith the
recommendations of the Company. The Company also has a leadership development program
where it identifies high potential managers, and trains them to take up the positions of
higher responsibility. The Company has identified the second line of leadership, which
provides stability to the business in any contingencies.
TRAINING
The Company has laid down a policy on the training of Independent Directors as part of
its governance policies. The Senior Leadership of the Company periodically updates the
Directors on regulatory changes, business strategy and the Company has laid down a policy
on the training of Independent Directors as part of its governance policies. The Senior
Leadership of the Company periodically updates the Directors on regulatory changes,
business strategy and operations.
KEY MANAGERIAL PERSONNEL (KMP) Pursuant to provisions of Section 203 of the
Companies Act, 2013, Mr. C. P Gurnani, Managing Director & Chief Executive Officer,
Mr. Manoj Bhat, Chief Financial Officer (up to April 1, 2021), Mr. Milind Kulkarni, Chief
Financial Officer (w.e.f. April 2, 2021) and Mr. Anil Khatri, Company Secretary &
Compliance Officer were the Key Managerial Personnel of the Company during the year under
review. Mr. Milind Kulkarni will retire as Chief Financial Officer of the Company w.e.f.
May 31, 2022 and Mr. Rohit Anand was appointed as Chief Financial Officer of the Company
w.e.f. June 1, 2022.
DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to Section 134(5) of the Companies Act, 2013, your Directors, based on the
representation(s) received from the Operating Management and after due enquiry, confirm
that:
i. in the preparation of the annual accounts, the applicable accounting standards have
been followed along with proper explanation relating to material departures, if any;
ii. they have, in the selection of the accounting policies, consulted the Statutory
Auditors and these have been applied consistently and, reasonable and prudent judgments
and estimates have been made so as to give a true and fair view of the state of affairs of
the Company as at March 31, 2022 and of the profit of the Company for the year ended on
that date;
iii. proper and sufficient care had been taken for the maintenance of adequate
accounting records in accordance with the provisions of the Companies Act, 2013 for
safeguarding the assets of the Company and for preventing and detecting fraud and other
irregularities;
iv. the annual accounts have been prepared on a going concern basis;
v. they had laid down internal financial controls to be followed by the Company and
that such internal financial controls are adequate and were operating effectively;
vi. the proper systems to ensure compliance with the provisions of all applicable laws
are in place and are adequate and operating effectively.
DETAILS WITH RESPECT TO ADEQUACY OF INTERNAL FINANCIAL CONTROLS WITH REFERENCE TO THE
FINANCIAL STATEMENTS
The Company has internal financial controls which are adequate and were operating
effectively. The controls are adequate for ensuring the orderly and efficient conduct of
the business, including adherence to the Company's policies, the safe guarding of assets,
the prevention and detection of frauds and errors, the accuracy and completeness of
accounting records and timely preparation of reliable financial information.
SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS / PROCEEDINGS
There are no significant and material orders passed by the regulators or courts or
tribunal impacting the going concern status and the Company's operations in the future.
Further no application against the Company has been filed or is pending under the
Insolvency and Bankruptcy Code, 2016, nor the Company has done any one time settlement
with any Bank or Financial institutions.
STATUTORY AUDITORS
The members, in the 30th Annual General Meeting (AGM) held on August 1, 2017, appointed
M/s. B S R & Co. LLP, Chartered Accountants, [ICAI Firm's Registration No. 101248W/W-
100022] as the Statutory Auditors of the Company, to hold office for a term of five years
from the conclusion of the 30th AGM of the Company held in the Financial Year 2017-18
until the conclusion of the AGM of the Company for the Financial Year 2021- 22 on such
remuneration as may be determined by the Board of Directors.
Pursuant to Section 139 of the Companies Act, 2013 the Statutory Auditors M/s. B S R
& Co. LLP, Chartered Accountants have confirmed that they are eligible to continue as
auditors.
In accordance with provision of Section 139 of the Companies Act, 2013 read with Rules
framed thereunder, the Board of Directors of the Company on the recommendation of the
Audit Committee, proposes appointment of M/s. B SR & Co. LLP, Chartered Accountants
(ICAI Firm's Registration No. 101248W/W - 100022) as Statutory Auditors of the Company to
hold office from the conclusion of ensuing 35th AGM for a term of five consecutive years
till the conclusion of 40th AGM. The appointment of M/s. B S R & Co. LLP as the
statutory auditors of the Company is placed before the members for approval at the ensuing
AGM.
As required under provision of Section 139(1) of the Companies Act, 2013 the Company
has received a written consent from M/s. B S R & Co. LLP for their appointment and a
certificate to the effect that their appointment, if made, would be in accordance with the
Companies Act, 2013 and the Rules framed thereunder and that they satisfy the criteria
provided in Section 141 of the Companies Act, 2013 read with Rule 4(1) of the Companies
(Audit and Auditors) Rules, 2014 and that they are not disqualified for appointment as
statutory auditors of the Company.
There are no qualifications, reservations, adverse remarks or disclaimer made in the
audit report for the Financial Year 2021-22.
SECRETARIAL AUDIT REPORT
Pursuant to the provisions of Section 204 of the Companies Act, 2013 and the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Company had
appointed Mr. Makarand Lele & Co., Practicing Company Secretary, Pune to undertake the
Secretarial Audit of the Company. The Secretarial Audit Report is available at ‘Annexure
IV" to this report. There are no qualifications, reservations, adverse remarks or
disclaimer made in the Secretarial Audit Report.
COMPLIANCE WITH SECRETARIAL STANDARDS
The Company has complied with the applicable Secretarial Standards.
ANNUAL RETURN
Pursuant to the provisions of Section 92(3) read with Section 134(3) (a) of the
Companies Act, 2013, the Annual Return in Form MGT-7 is available on the website of the
Company and can be accessed at https://insights.techmahindra.com/investors/mgt7-
annual-return-2021-22.pdf
MANAGERIAL REMUNERATION
Disclosures of the ratio of the remuneration of each director to the median employee's
remuneration and other details as required pursuant to Section 197(12) of the Companies
Act, 2013 read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014 as amended from time to time, are provided as "Annexure V".
None of the directors or Managing Director & CEO of the Company, received any
remuneration or commission from Subsidiary Companies of your Company.
The details of remuneration paid to the Directors including the Managing Director &
CEO of the Company is provided in Corporate Governance Report.
PARTICULARS OF EMPLOYEES
The information required under Section 197(12) of the Companies Act, 2013 ("the
Act") read with Rule 5(2) of the Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014 forms part of this Report. However, pursuant to first
proviso to Section 136(1) of the Act, this Report is being sent to the Shareholders
excluding the aforesaid information. Any shareholder interested in obtaining said
information, may write to the Company Secretary at the Registered Office / Corporate
Office of the Company and the said information is open for inspection at the Registered
Office of the Company.
POLICY ON PREVENTION OF SEXUAL HARASSMENT
Your Company laid down the Prevention of Sexual Harassment (POSH) policy which is
available on its website. The Company has zero tolerance on Sexual Harassment at
workplace. During the year under review there were no cases filed pursuant to the Sexual
Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013.
The status of complaints received under POSH and redressed by the POSH Committee of the
Company, during the Financial Year under review, are given below:
a) Number of complaints received - 45
b) Number of complaints redressed - 43
c) Number of complaints pending - 2
There are focused campaigns on the POSH policy within the Company and awareness drives
that take place with the help of its BPS teams. Furthermore, the employees are required to
undertake a mandatory annual certification on POSH to sensitize themselves and strengthen
their awareness.
EMPLOYEE STOCK OPTION SCHEMES
During the year under review, there were no material changes in the Employee Stock
Option Schemes (ESOPs) of the Company and the Schemes are in compliance with the SEBI
Regulations on ESOPs.
As per Regulation 14 of Securities and Exchange Board of India (Share Based Employee
Benefits and Sweat Equity) Regulations, 2021, the details of the ESOPs are uploaded on the
website of the Company and can be accessed at https://insights.techmahindra.
com/investors/Details-of-ESOPs-FY-2021-22.pdf
CORPORATE GOVERNANCE
A report on Corporate Governance covering among others composition, details of meetings
of the Board and Committees along with a certificate for compliance with the conditions of
Corporate Governance in accordance with the Securities and Exchange Board of India
(Listing Obligations and Disclosure Requirements) Regulations, 2015, issued by the
Statutory Auditors of the Company, forms part of this Annual Report.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
A detailed analysis of your Company's performance is discussed in the Management
Discussion and Analysis Report, which forms part of this Annual Report.
COST RECORDS
Maintenance of cost records and requirement of cost audit as prescribed under the
provisions of Section 148(1) of the Companies Act, 2013 are not applicable for the
business activities of the Company.
RISK MANAGEMENT
The Risk Management Committee of the Board of Directors guides the operating management
to identify risks, analyze their probability and impact and prepare mitigation plans. It
periodically reviews the Risk Management Framework & Enterprise Risk Register which is
presented by the Chief Risk Officer. The Company identifies all potential risks viz.
economical, business, currency, operational, climate, governance, financial, cyber,
business continuity etc. and prepares a mitigation plan for each of the risks. The
elements of risk as identified by the Company with the impact and mitigation strategy are
set out in the Management Discussion and Analysis Report (MDA).
ESTABLISHMENT OF VIGIL MECHANISM
The Company has laid down Whistle Blower Policy covering Vigil Mechanism with
protective Clauses for the Whistle Blowers. The Whistle Blower Policy is made available on
the website of the Company.
DEPOSITS / LOANS & ADVANCES, GUARANTEES OR INVESTMENTS
The Company has not accepted any deposits from the public during the year under review.
The particulars of loans/advances, guarantees and investments under Section 186 of the
Companies Act, 2013 are given in the notes forming part of the Financial Statements.
PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES
All transactions entered into with Related Parties as defined under Section 2(76) of
the Companies Act, 2013 and Regulation 23 of the Securities and Exchange Board of India
(Listing Obligations and Disclosure Requirements) Regulations, 2015, ("The Listing
Regulations"), during the Financial Year under review were in the ordinary course of
business and at an arm's length pricing basis and do not attract the provisions of Section
188 of the Companies Act, 2013. There were no transactions with related parties in the
Financial Year which were in conflict with the interest of the Company and requiring
compliance of the provisions of Regulation 23 of the Listing Regulations.
Suitable disclosure as required by the Indian Accounting Standards (Ind AS 24) has been
made in the notes forming part of the Financial Statements.
The Company has formulated a policy on the materiality of Related Party Transactions
and dealing with Related Party Transactions which has been uploaded on the website of the
Company and can be accessed at https://insights.techmahindra.com/investors/Related-
Party-Transactions-Policy.pdf
The particulars of related party transactions in prescribed Form AOC - 2 are attached
as ‘Annexure VI".
Pursuant to Regulation 23(9) of the Listing Regulations, your Company has filed half
yearly report on Related Party Transactions with the stock exchanges.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO
The particulars as prescribed under Section 134(3)(m) of the Companies Act, 2013 read
with Rule 8 of the Companies (Accounts) Rules, 2014 are provided in "Annexure
VII" which forms part of this report.
CORPORATE SOCIAL RESPONSIBILITY (CSR)
The CSR vision of the Company is "Empowerment through Education."
In compliance with the guidelines prescribed under Section 135 of the Companies Act,
2013, your Company has constituted a Corporate Social Responsibility (CSR) Committee of
the Board. The CSR policy, covering the Objectives, Focus Areas, Governance Structure
Monitoring and Reporting Framework among others is approved by the Board of Directors. In
accordance with the amendments made in Section 135 in January 2021, the CSR Policy has
been duly revised and is available on the website of the Company and can be accessed at
https://files. techmahindra.com/static/img/pdf/csr-policy-techm- v3-march2021.pdf
The Company has spent more than 2% of the average net profits of the Company during the
three immediately preceding Financial Years on CSR.
The Company's social initiatives are mainly carried out by Tech Mahindra Foundation and
Mahindra Educational Institutions, Section 8 (erstwhile Section 25) Companies promoted by
the Company.
TECH MAHINDRA FOUNDATION (TMF) EDUCATION
The key initiatives taken by TMF in the arena of school education include:
ALL ROUND IMPROVEMENT IN SCHOOL EDUCATION (ARISE)
Tech Mahindra Foundation's educational initiatives under ARISE are long-term school
improvement programmes, in partnership with local governments and partner organisations.
The Foundation in 2021-22 worked with 18 government primary schools to transform them into
model schools of excellence. A total of 4,928 students were positively impacted under this
programme, of which 2,646 were girls.
During the year, the Foundation expanded its work for children with special needs
through its ARISE+ programme. This programme is a variant of ARISE in which children with
special needs are provided chronic therapy as well as special education to help them lead
more fulfilling lives. Through 28 projects, the programme enabled 3,792 children with
special needs to become better learners with greater independence in managing their lives.
The Foundation is also working with some of the most committed NGOs in the disability
sector to positively impact even more children.
SHIKSHAANTAR
Shikshaantar, envisioned as a programme for enhancing capacity of government school
teachers, has emerged as an important programme in the education portfolio of the
Foundation. TMF works with the Municipal Corporations in East Delhi and North Delhi by
running their In-Service Teacher Education Institutes and during the year under review, as
many as 9,573 teachers were trained as part of this initiative. This included specially
designed modules for Digital Literacy, Child Safety, Cyber Security and Mental Health that
were delivered to the teachers through online sessions. Physical training sessions with
teachers resumed in the last few months of the year.
MOBILE SCIENCE LAB
In order to increase the footprint of its work in Education and reach the unreached,
TMF had launched a unique initiative in 2019-20. The Mobile Science Lab (MSL). For this, a
Mahindra bus has been remodeled to become a science lab on wheels and has been travelling
from school to school in East Delhi to provide STEM learning for children in grades 3 and
4 in these schools. The MSL program resumed its operations in 2021-22 after a break of
over a year, and during the year, as many as 4,590 students and 99 teachers were
benefitted.
EMPLOYABILITY
Skills-for-Market Training (SMART) is the Foundation's flagship programme in
employability. It is built on the vision of an educated, enabled and empowered India, and
the belief that educated and skilled youth are the country's true strength. The programme
started with 3 Centres in 2012 and is currently running over 85 Centres at 11 locations
across India. These include SMART Centres, SMART+ Centres (training for people with
disabilities), and SMART-T Centres (training in technical trades).
In 2021-22, your Company trained 16,715 young women and men under its SMART program, of
which, 1,529 were persons with disabilities. More than 70% of the graduates are placed in
jobs across multiple industries upon successful completion of the training. The average
salaries being earned by the graduates of the SMART program have been steadily rising and
crossed the Rs 12,000 per month mark for the first time.
The Foundation's commitment to setting new benchmarks in skill development in India has
been underscored by the setting up of Tech Mahindra SMART Academies, which provide the
highest quality of skill training to youngsters in Healthcare and Digital Technologies.
During FY 2021-22, 1,677 students were trained at the eight Academies that are now
functional - 4 in Healthcare, 3 in Digital Technologies, and 1 in Logistics.
TMF'S WORK IN COVID RELIEF
As FY 2021-22 began, the country was swept by a severe second wave of COVID-19,
devastating large sections of the population. Continuing the COVID relief operations of
the previous year, Tech Mahindra Foundation reached out to some of the most marginalized
and vulnerable communities - distributing ration kits, cooked meals, medical equipment,
masks and PPE kits. More significantly, the Foundation managed to donate 20 fully equipped
ambulances and install 10 oxygen plants at various charitable hospitals. In all, the COVID
relief efforts of the Foundation have impacted over 2.3 million lives in 17 States of
India through a wide range of initiatives.
MAHINDRA EDUCATIONAL INSTITUTIONS (MEI)
MEI - a not-for-profit, 100% subsidiary of the Company has set up Mahindra Ecole
Centrale in August 2014 - through a collaborative venture between Mahindra Educational
Institutions and Ecole Centrale of Paris, France (now known as Centrale Supelec) and the
JNTU Hyderabad - to offer undergraduate engineering programs. Through this strong
Indo-French Collaboration with Centrale Supelec and Industry connect with Tech Mahindra,
MEC has emerged as a disruptive player in the field of Technical Education.
MEI has sponsored the setting up of Mahindra University to introduce diverse streams of
education in addition to Engineering.
MAHINDRA UNIVERSITY (MU)
Mahindra University ("MU") (sponsored by Mahindra Educational Institutions,
("MEI") - a not-for-profit, 100% subsidiary of Tech Mahindra), was notified on
May 20, 2020 by the Government of Telangana vide The Telangana State Private Universities
(Establishment and Regulation) Act, 2018. for "educating future citizens for and of a
better world".
In 2021-22, Mahindra University launched 3 new schools besides the existing Ecole
Centrale School of Engineering— School of Management, School of Law and Indira
Mahindra School of Education. Each of these Schools will run UG, PG and Ph.D. programs.
Further, the University has subsequently planned to launch School of Media & Liberal
Arts and School of Design in the next 2 years.
Cornell University's SC Johnson College of Business, an ivy league institution is the
"Academic Partner" for School of Management. Mahindra University's School of
Management (MU - SoM) will benefit significantly from Cornell University's expertise in
curriculum development, faculty exchange programs including some specialty courses
delivery by the Cornell faculty to Mahindra University students, as well as student
immersion at Cornell.
The School of Law, Mahindra University, commenced operations in September 2021 in
Hyderabad and was founded on the philosophy of securing justice, equality, and service to
all sections of society. With the needs of modern society evolving rapidly, there is a
renewed focus on the importance of the discipline of law. The School of Law will aim to
make a difference to the legal profession and practice by providing a diverse, flexible
curriculum and pedagogy, touching on several aspects of domestic and international law,
while appraising the students of the latest trends in academia and practice.
Indira Mahindra School of Education (IMSE) commenced its academic activities in 2021,
with the PhD program. IMSE's vision is to be a focused training ground for the next
generation of teachers and school leaders through study of education where both
researchers and practitioners are developed for working in and on educational issues.
In the academic year 2021, a total of 817 students were admitted to the University - of
which 757 students were in various UG programs, including School of Management and School
of Law, 24 students in the PG programs of School of Engineering and 36 students in the
Ph.D programs across all the schools.
The Annual Report on CSR activities is provided as "Annexure VIII".
SUSTAINABILITY
Climate change, escalation of wars and the pandemic have forced the world to look at
Sustainability as the savior of our existence. The impact of the present crises can be
handled better if a Sustainable business strategy is adopted by organizations globally.
Sustainability must become an integral part of business strategy and management to ensure
business continuity and profitable growth.
Being forerunners in the sustainability space, Tech Mahindra's long-term growth
strategy has always had ESG principles embedded in its core to help mitigate risks and
drive profitable growth. Adopting proactive strategies that are resilient in nature has
been the key to our continued success. Sustainable transformation with a focus on low
carbon future has helped us to quickly adapt to disruptive changes and leverage these
capabilities towards business continuity and management. Tech Mahindra's sustainability
commitments across environmental, social and governance pillars span across all our
business verticals and even extends to our value chain. Being an organization with
purpose, we have delivered on our promise to run better, change faster and grow greater
while also creating meaningful human experiences for all.
Tech Mahindra is sourcing renewable energy, using energy-efficient equipment, and
optimizing operations to achieve ecological balance while investing in and pioneering new
solutions for sustainable development. Tech Mahindra's emphasis on ESG is seen in our
commitment of achieving Carbon Neutrality by 2030 and being Net zero well-before 2040. We
are making optimum use of resources, moving towards low- emission technologies, and taking
5-year targets for ensuring diversity, equality, and innovation, while also updating
policies and procedures to maintain a robust and compliant governance.
Tech Mahindra is aligned towards the UN SDGs (Sustainable Development Goals) and its
sustainability focus areas are as below:
• Going Carbon Neutral: Increasing use of renewable energy through onsite
installations and open access; improving energy efficiency through installation of LEDs,
sensors; boosting green investments by implementing Carbon Price; optimizing business
travel by enabling virtual meetings; encouraging use of public transport and carpooling to
reduce commute emissions; planting trees to offset carbon footprints; moving towards a low
carbon economy to ensure environmental protection.
• Being Net Zero: Committed to be Net zero well before 2040 through adoption
of renewable energy, increasing the use of energy-efficient equipment & tools across
operations, creating eco-design of services, optimizing the use of resources across
operations and preserving the biodiversity of areas in which we operate.
• Saying No to plastic: Maintaining plastic-free campuses and encouraging
associates and stakeholders to use eco-friendly & biodegradable materials. Spreading
awareness and initiating campaigns on preventing single-use plastic.
• Reduce, Reuse, Recycle, Recover: Implement process of Reduce, Reuse, Recycle
and Recover across the value chain to limit waste and enable a circular economy.
• Sustainable supply chain: Ensure our suppliers follow the highest standards
of sustainable and ethical best practices; optimise logistics and transportation to reduce
emissions.
• Work-life balance: Provide an assured career development path and a feasible
and flexi work- life balance to our associates along with a range of associate-friendly
policies and processes to reduce attrition.
• Fostering Diversity: Offering improved opportunities and increasing the
number of women, members of the LGBQ+ community, and PwDs to promote a diverse culture in
the organization.
• Employee engagement and recognition:
Working diligently towards Employee engagement and increasing the number of employees
recognized every year.
• Innovation: Becoming future-ready by proactively encouraging Innovative
thinking across the organization, adopting technology disruption, and going digital to
reduce emissions. Incorporating technologies such as loT, Blockchain, AI and Machine
Learning to develop a portfolio of sustainable solutions that help reduce emissions and
other negative impacts of climate change.
• Green solutions: Investing in Smart grid, Microgrid-As-A-Service, Community
Action Platform for Energy, Integrated Electric Vehicle Charging systems (IEVCS), Smart
data hubs and Smart Cities for our Customers to reduce their emissions.
• Individual Social Responsibility: encouraging associates to make
sustainability a part of their day-to-day lives.
• Transparency: Reporting our organizational policies & practices, along
with financial, environmental and social data in the Integrated Annual Report.
The recognitions received by Tech Mahindra are a validation of the performance towards
the company's commitments, the details of the awards & recognitions are included in
Corporate Overview, kindly refer page no. 25 of this Annual Report.
The Integrated Annual Report is based on various global standards and frameworks such
as TCFD (Taskforce on Climate Related Financial Disclosures), CDSB (Climate Disclosure
Standards Board), SASB (Sustainability Accounting Standard Board) and GRI standards and
assured by third party according to ISAE (International Standard on Assurance Engagement)
3000 standards.
Tech Mahindra discloses climate-related risks and opportunities in line with the
recommendations of TCFD which focusses on the financial impact of climate-related changes
on our operations.
The TechM Board owns all risks and opportunities. The MD & CEO of the Company
chairs the CSR Committee of the Board and has the ultimate responsibility for
Sustainability. He is ably supported by the Senior Management members of the
Sustainability Council and the Chief Sustainability Officer who manage all aspects of
climate change.
The pandemic has taught the Company some concrete lessons and new ways of management in
order to thrive in the new post-pandemic world. Tech Mahindra has made good progress on
its commitments to provide for a better and more sustainable future by embedding
sustainability into its business strategy and ensuring economic recovery and business
profitability. The Company strategy includes futureproofing our growth against impending
changes in policies and regulations and increasing our compliance readiness. Your Company
are agile and adaptive to dynamic changes in internal and external intricacies with
strategies in place to manage all business and ESG risks in an effective way. With a
robust business continuity management framework and incident response team, the Company
have ensured that we are resilient to any ESG risks.
The targets and the metrics used for managing climate-related & other risks and the
progress against these targets are disclosed in the externally assured Integrated reports
available on the website of the Company and can be accessed at https://www.
techmahindra.com/en-in/sustainability/.
AWARDS AND RECOGNITION
Your Company continued its quest for excellence in its chosen area of business to
emerge as a true global brand. Several awards and rankings continue to endorse your
Company as a thought leader in the industry. Few of the Awards / recognitions received by
the Company during the year 2021-22 include:
• Tech Mahindra recognized among the Economic Times Iconic Brands 2021.
• Tech Mahindra was declared winner of
NASSCOM Engineering & Innovation Excellence Awards 2021 for Service Delivery
Excellence & Next-Gen Products for our projects on Vehicle Top Hats & Distributed
Ledger DnD.
• Tech Mahindra listed among 2021 Best Workplaces in Asia by Great Place to
Work?.
• Tech Mahindra received HRH, The Prince of Wales' Terra Carta Seal in Recognition
of the Company's Commitment to Creating a Sustainable Future.
• Tech Mahindra won 3 Golds at the prestigious 2021 Stevie Awards for Great
Employers.
• Tech Mahindra Recognized as the Fastest Growing Organization in RsBrand
Strength' by Brand Finance.
• Tech Mahindra emerges as the only Indian company in the Forbes' Blockchain 50.
• Mr. C. P. Gurnani has been recognized by The Economic Times among ‘Most
Inspiring Business Leaders of Asia' at The Economic Times 6th Edition Asia's Promising
Business Leaders.
• Tech Mahindra Included in Bloomberg Gender- Equality Index for Third Consecutive
Year.
• Tech Mahindra was recognized for its pathbreaking sustainable efforts and was
ranked 2nd amongst the Top 35 companies in Business world India's Most Sustainable
Companies 2022.
These awards are a reflection of the Company's continued efforts in the fields of
business, sustainability, human resource management and its sustained progress towards
creating a better society for all.
ACKNOWLEDGEMENTS
Your Directors place on record their appreciation for the contributions made by
employees towards the success of your Company more particularly ensuring business as usual
in spite of the impact of COVID-19. Your Directors gratefully acknowledge the cooperation
and support received from the shareholders, customers, vendors, bankers, regulatory and
Governmental authorities in India and abroad.
|
For and on behalf of the Board |
|
Anand G. Mahindra |
| Place: Mumbai |
Chairman |
| Date: May 13, 2022 |
(DIN:00004695) |
  Â