Tech Mahindra Ltd signs Collaboration Deed to form a Joint Venture with TONOMUS

Tech Mahindra Limited ("the Company") have, through our material subsidiary Tech Mahindra (Americas) Inc. ("Tech Mahindra"), entered into a Collaboration Deed with NEOM Tech and Digital Company ("TONOMUS"), pursuant to which Tech Mahindra will incorporate a wholly owned subsidiary ("JVCo") to provide technology and digital services that support the cognitive foundation of cities and communities (the "Agreement").

The parties intend for the JVCo to provide product and platform development services, platform and product engineering services and solutions, network services, metaverse services and solutions, intellectual property development services, and cognitive solutions and services to TONOMUS, other NEOM group companies and other customers relating to cognitive city development.

The purpose of the agreement is to align on the principles and key terms of the partnership between Tech Mahindra and TONOMUS.

Shares of Tech Mahindra Limited was last trading in BSE at Rs. 1211.60 as compared to the previous close of Rs. 1204.25. The total number of shares traded during the day was 78743 in over 4520 trades.

The stock hit an intraday high of Rs. 1222.50 and intraday low of 1200.75. The net turnover during the day was Rs. 95463681.00.

Source : Equity Bulls

Keywords

TechMahindra INE669C01036 CollaborationDeed TONOMUS JV