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 publicly-listed 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
In the aftermath of the Satyam scandal, Tech Mahindra emerged as the top bidder for a 31% controlling stake in Satyam Computer Services, beating a bid from Larsen & Toubro, in April 2009.[11][12] After the completion of the acquisition, Satyam Computer Services was renamed Mahindra Satyam in June 2009.[13] Tech Mahindra's stake in Satyam increased to 42% through a preferential share allotment in July 2009.[14]
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.[18] 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.[19][20] On 25 June 2013, Tech Mahindra completed the merger to become India's fifth largest software services company with a turnover of $2.7 billion.[21][22][23] The merger diversified Tech Mahindra's revenue mix, with the telecommunication vertical's share declining from over 90% in 2009[24] to 47% in 2013.[25][26]
Later years
In 2013, Mahindra Group company Mahindra Engineering Services (MES) merged with Tech Mahindra.[27]
In 2015, Tech Mahindra and Mahindra & Mahindra (M&M) jointly purchased a controlling stake in Pininfarina S.p.A., an Italian automotive and industrial design company.[28] By March 2016, Tech Mahindra's post-tax earnings had surpassed that of M&M.[29]
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₹53,847 crore (US$6.4 billion) (2025)
