British telecom giant BT offloaded 9.1 percent stake in Tech Mahindra for Rs 1,011.4 crore on Wednesday, exiting from the Indian IT services firm.
Vineet Nayyar, vice chairman, Tech Mahindra told CNBC-TV18 that though BT’s IT budget is coming down, but Tech Mahindra still remains their preferred partner.
“A share of BT’s wallet on technology spend is growing as a percentage. Their reliance on our services is increasing as the percentage grows, but in absolute terms the inflow of money has come down marginally and could go down further a little bit,” he elaborated.
BT had set up the technology outsourcing firm in joint venture with Mahindra & Mahindra in 1986. The British company had around 30 per cent stake in Tech Mahindra initially.
Meanwhile, Mahindra Satyam has settled claims from Aberdeen Global and 22 funds that had claimed damages, which were to the extent of USD 298.3 million.
Vineet Nayyar who is also the chairman of Mahindra Satyam said, “All claims with respect to Mahindra Satyam are cleared post Aberdeen Global deal and all external litigations are behind the company now.”