In 1986, Mahindra & Mahindra started a 60:40 joint venture technology services outsourcing firm with British Telecom named Mahindra British Telecom (MBT). In 2000, British Telecom committed business of at least £105 million over three years; as a consideration, British Telecom's stake in MBT increased to 43%.[5] MBT primarily served the telecommunications industry in its early years, with British Telecom as its largest client.[6]
In 2006, MBT was renamed as Tech Mahindra,[7] and it became a public company via an initial public offering.[8] In December 2010, British Telecom sold 5.5% of its stake in Tech Mahindra to Mahindra & Mahindra for ₹451 crore.[9] In August 2012, British Telecom sold 14.1% of its stake to institutional investors for about ₹1,395 crore. In December 2012, British Telecom sold its remaining 9.1% stake to institutional investors for ₹1,011.4 crore. This sale marked the exit of British Telecom from Tech Mahindra.[10]
Acquisition and merger of Satyam
After the Satyam scandal of 2008–09, Tech Mahindra emerged as the top bidder for a 31% stake in Satyam Computer Services, beating a bid from Larsen & Toubro.[11] After evaluating the bids, the government-appointed board of Satyam Computer announced on April 13, 2009 that it had selected Venturbay Consultants Private Limited, a subsidiary of Tech Mahindra, as the highest bidder to acquire a controlling stake in the company.[12] After the completion of the acquisition, Satyam Computer Services was renamed Mahindra Satyam in June 2009.[13]
A building in the Bangalore campus of Tech Mahindra c. 2017
Tech Mahindra announced its merger with Mahindra Satyam on 21 March 2012, after getting approval of the two company boards.[14][15] The new organization would be led by Anand Mahindra as Chairman, Vineet Nayyar as Vice Chairman, and C. P. Gurnani as the CEO and Managing Director.[16][17][18] On 25 June 2013, Tech Mahindra announced the completion of its merger with Mahindra Satyam to create India's fifth largest software services company with a turnover of $2.7 billion.[19][20] Mahindra Satyam was suspended from trading with effect from 4 July 2013, following the merger.[21] After the completion of share swap,[22] the stock exchanges approved the trading of new shares from 12 July 2013.[23][24]
Later years
In 2014, Tech Mahindra acquired Lightbridge Communications Corporation (LCC), a telecom services company. In 2015, Tech Mahindra purchased a controlling stake in Pininfarina S.p.A., an Italian automotive and industrial design company.[25] Tech Mahindra announced the launch of its Automation Framework AQT (Automation, Quality, Time).[26] By March 2016, Tech Mahindra's post-tax earnings had surpassed that of M&M.[27]
In March 2021, Tech Mahindra partnered with US-based business intelligence analytics company ThoughtSpot.[29]
In October 2022 Tech Mahindra acquired 26% equity shares in Upendra Singh Multi Transmission Private Limited, allowing the company to procure 1.5 MW of solar energy for its facilities in Noida.[30]
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