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Tech Mahindra says metaverse deal not a big one

Tech Mahindra says metaverse deal not a big one

It said that for a company with a turnover of Rs 34,761 crore, and more than 1,200 global customers, it routinely signs large orders.

Tech Mahindra on metaverse deal Tech Mahindra on metaverse deal

Tech Mahindra responded to media reports on its metaverse deal and stated that it is not a significant one. It said that for a company with a turnover of Rs 34,761 crore, and more than 1,200 global customers, it routinely signs large orders.

“The metaverse deal being referred in the said article, although a unique one for the company as it is in the emerging area is not a large deal. Pursuant to Regulation 30 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 and the Disclosure Policy of the Company, it is not a material transaction for the company and therefore the same was not intimated to the exchanges,” it said in a BSE filing.

The news report stated that a “large deal” for metaverse engineering was signed by the company. It said that the company will not only be focusing on user experience but also build various hardware components as well as back-end technologies.

The report, furthermore, quoted Manish Vyas, President, Communications, Media and Entertainment (CME) Business, and CEO, Network Services, Tech Mahindra, who said that they have just begun their journey and that they are looking at metaverse as an ecosystem. 

It added that Tech Mahindra is trying to build a comprehensive ecosystem for metaverse similar to its 5G service offerings. The report stated that the company has already started reaching out to ecosystem partners to collaborate on metaverse offerings.

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