UK-based telecommunications player BT (earlier British Telecom) on Wednesday said it will continue to hold stake in Indian IT firm Tech Mahindra for the time being.
"BT has a 24.4 per cent shareholding in Tech Mahindra. The company remains a key supplier to BT and, while further sales may be considered in the future, BT expects to continue to have a shareholding in Tech Mahindra for some time," a BT spokesperson said.
There were speculations that BT may exit in view of a likely merger of Mahindra Satyam and Tech Mahindra.
In November last year, BT had sold 5.5 per cent stake in Tech Mahindra to the IT company's parent firm Mahindra & Mahindra . Tech Mahindra was developed from a joint venture between the two companies in 1986.
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M&M held 48.17 per cent stake in Tech Mahindra, while BT held 23.46 per cent and Mahindra BT Investment Company Mauritius Ltd held 0.05 per cent stake as of March 31, according to data available with the Bombay Stock Exchange.
BT, which has a significant presence in India, is also ramping up in the country. It has already set up a New Delhi Technology showcase centre, which was inaugurated on Tuesday.
"India is a critical component to BT's success and vision, and is a key location to a large number of global companies. Many of our customers are expanding into India and we are investing to extend our communications infrastructure and services to support their growth," BT Global Services Asia Pacific President Kevin Taylor said.
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The new facility is part of BT's ongoing investment plan in Asia Pacific, he added.
BT has also announced creation more than 60 new critical roles in India as part of the previously announced Asia Pacific expansion plan.
"The new jobs will be in sales enablement, delivery and implementation of services for customers. We expect to see a similar number next year as well," Taylor said.
The opening of BT's New Delhi showcase follows the launch of BT Showcases in Hong Kong in September 2010, Beijing in November 2010, Sydney in January 2011 and Singapore in March 2011.
BT offers global services including voice, CRM and MPLS (multi-protocol label switching) to support corporate customers across sectors like finance, IT/ITeS, government and manufacturing.
It has a regional security operations centre (SOC) in Noida and a regional centre of Excellence in Pune, apart from offices in various cities in the country.