New Delhi: Tech Mahindra, the IT company of Mahindra Group, has bought 100 percent stake in Com tec Co IT (CTC), a European company. Along with this, Tech Mahindra has also bought 25 percent stake in two other IT companies. This entire deal has been completed for 330 million euros (about Rs 2,800 crore).
Tech Mahindra gave information about this deal on Monday. Giving information, the company has said that the deal to buy 100 percent stake of CTC has been done for 310 million euros (about Rs 2,600 crore). Along with this, Tech Mahindra has paid 20 million euros to buy 25 percent stake in SWFT and Surance Platform. Let us tell you that SWFT and Surance Platform are also part of the founding group of CTC.
CTC currently operates in Europe with development centers in Latvia and Belarus. The company provides IT solutions to the Insurance and Financial Services sector. Tech Mahindra said that this deal will help it to spread its foot in the insurance sector across the world. The company also hopes that with this deal, it will be able to better take advantage of the potential of the global insurance industry.