BT sells down Tech Mahindra stake

Dylan Bushell-Embling
29 Nov 2010
00:00

BT will sell part of its 30% stake in telecom and IT outsourcer Tech Mahindra, prompting renewed speculation the company may exit the Indian venture entirely.

In a statement, BT said it would sell up to 5.5% of Tech Mahindra to its JV partner in India, automotive group Mahindra & Mahindra.

Based on the JV's valuation, the sale could be worth around $90 million, FT.comestimates.

The deal would increase Mahindra & Mahindra's holding in the JV to around 48%.

BT flagged possible further sales in the future, but said it expects to remain a shareholder in Tech Mahindra “for some time.”

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