The total size of the proposed fund will be US$ 50mn with equal contribution from both. The fund will be subject to regulatory and other approvals. The objective of the fund is to help leapfrog the innovation curve by investing in high growth and promising companies in the evolving ICT space.
Mr. C P Gurnani, CEO, MSAT said “With sharp focus on the future trends, we intend to go full throttle on investing into emerging spaces such as Mobility, Social Networking, security Solutions and Cloud. Investments in enterprise mobility and collaborative applications are the leading IT investment priorities for businesses in 2012, with infrastructure consolidation, virtualization and security upgrades in the second tier. This path breaking Fund, managed by SBIH’s expertise in this domain, will be a an accelerator for our growth”
Mr. Kitao, CEO of SBI Holdings said“SBIH is excited about this joint fund with MSAT, as combining the two firms’ complementary strengths will create an investment platform which will enable the fund to capture lucrative opportunities in the global ICT sector.”
About Mahindra Satyam:
Mahindra Satyam is a leading global business and information technology services company that leverages deep industry and functional expertise, leading technology practices, and an advanced, global delivery model to help clients transform their highest-value business processes and improve their business performance. The company's professionals excel in enterprise solutions, supply chain management, client relationship management, business intelligence, business process quality, engineering and product lifecycle management, and infrastructure services, among other key capabilities.
Mahindra Satyam is part of the $14.4 billion Mahindra Group, a global federation of companies and one of the top 10 business houses based in India. The group focuses on enabling people to rise. Mahindra operates in the key industries that drive economic growth, enjoying a leadership position in tractors, utility vehicles, information technology, vacation ownership, rural and semi-urban financial services, etc. Mahindra has a significant and growing presence amongst others, in the automotive industry, agribusiness, aerospace, automotive components, consulting services, defence, energy, industrial equipment, logistics, real estate, retail, steel and two wheelers.
Mahindra Satyam development and delivery centers in the US, Canada, Brazil, the UK, Hungary, Egypt, UAE, India, China, Malaysia, Singapore, and Australia serve numerous clients, including many Fortune 500 organizations. For more information, see www.mahindrasatyam.com
About SBI Holdings:
Established in Japan in 1999, SBI Holdings, Inc. (“SBI”) is a leading global internet-based financial conglomerate. SBI Group’s core businesses include Brokerage and Investment Banking, Asset Management, Commercial Banking, Insurance and Online Settlement. As of December 31, 2011, SBI Group consists of 141 companies (including consolidated partnerships, equity method affiliates and 7 publicly listed companies). SBI’s unique “Financial Ecosystem” structure offers a complete suite of retail financial products, enabling SBI to realize greater synergies.
SBI Group is also Japan’s largest VC/PE house currently managing more than USD 3 Billion in committed capital. SBI Group’s basic policy in developing the asset management business is to establish joint operation systems with prominent local partners. Beginning with the first overseas fund established in 2005 with the Temasek Group, an investment arm of the Singapore government, SBI has expanded its network with prominent partnerships with institutions such as Abu Dhabi’s Invest AD and Ministry of Finance, Brunei Darussalam.
Safe Harbor
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The forward-looking statements contained herein are subject to certain risks and uncertainties that could cause actual results to differ materially from those reflected in the forward-looking statements. Mahindra Satyam undertakes no duty to update any forward-looking statements.
Sourced From: Tech Mahindra Ltd.
