BT Group sells stake in Tech Mahindra

BT last month agreed to sell 5.5% of its holding in Tech Mahindra, or 6.9 million shares, to Mahindra and Mahindra (M&M).

By Agencies | Dec 14, 2010, 01.56 PM IST

LONDON: British telecoms operator BT Group on Tuesday said it had completed the sale of part of its stake in Indian IT group Tech Mahindra for 63 million pounds (75 million euros, 100 million dollars).

BT last month agreed to sell 5.5 percent of its holding in Tech Mahindra, or 6.9 million shares, to Indian conglomerate Mahindra and Mahindra (M&M).

"Following this sale, BT has a 24.4 percent shareholding in Tech Mahindra," BT said in a statement.

"Tech Mahindra 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," it added.

BT and M&M established a joint venture that became Tech Mahindra in 1986. Since that time, the Indian-listed business has grown to post annual revenues of above 1.0 billion dollars.

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