(BS)
Tech Mahindra on Friday said its wholly owned subsidiary, Tech Mahindra London Ltd (TMLL), has entered into a definitive agreement to acquire Mahindra Racing UK Ltd (MRUK) from Mahindra Overseas Investment Company (Mauritius) Ltd (MOICML).
MOICML is a wholly owned subsidiary of Mahindra & Mahindra Ltd (M&M).
This deal, executed through a share purchase agreement, involves TMLL acquiring 100 per cent shareholding in MRUK for a cash consideration of GBP 1.2 million (approximately Rs 13.5 crore).
Upon completion, MRUK will become a wholly owned subsidiary of TMLL and, by extension, of Tech Mahindra Ltd.
Tech Mahindra said it sees the acquisition as an opportunity to diversify into new business avenues such as sporting events, professional leagues, and data-driven engineering applications, while also enhancing its brand visibility.
MRUK, incorporated in the UK in 2014, is engaged in the Formula Electric World Championship Racing industry, participating in events organised by the FIA. The company reported a revenue from operations of Rs 357.56 crore and a net worth of Rs 40.56 crore for the financial year ending March 31, 2025.
