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Home / Business / Tech Mahindra, Axis Bank strike deals

Tech Mahindra, Axis Bank strike deals

The former will acquire a 70 per cent stake in Perigord, while the latter will be taking an indirect stake in Max Bupa Health Insurance Company
Representational image.
Representational image.
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Our Special Correspondent   |   Mumbai   |   Published 16.03.21, 04:14 AM

 India’s deal street continues to be active even though the Covid-19 pandemic is still raging in parts of the country. Tech Mahindra on Monday said it will acquire a 70 per cent stake in Perigord Asset Holdings Ltd (Perigord) for an undisclosed sum.

Perigord specialises in providing end-to-end packaging supply chain solutions to the life sciences industry such as artwork & labelling services, strategic consultancy and outsourcing.

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Tech Mahindra will acquire the Indian subsidiary of Perigord — Perigord Data Solutions India Pvt Ltd and Perigord Premedia (India) Pvt Ltd, while Mahindra Engineering Services (Europe) Ltd, a group firm, will acquire the other legal entities of Perigord.

The acquisition comes days after Wipro said it will take over the London-based Capco (The Capital Markets Company) for $1.45 billion in cash.

On Sunday, private sector lender Axis Bank disclosed that it will be taking an indirect stake in Max Bupa Health Insurance Company Ltd (MBHI). This came after it picked up 9.9 per cent in Fettle Tone LLP, a promoter of health insurer for Rs 90.8 crore. Fettle Tone currently holds around 55.6 per cent in MBHI.
“Healthcare and Lifesciences (HLS) is a key vertical for Tech Mahindra and this acquisition will expand our footprint globally in these domains. Perigord’s proprietary platform and expertise in the artwork space and life sciences industry will add significant value to our offerings and capabilities,’’ Vivek Agarwal, president — BFSI, HLS and Corporate Development — at Tech Mahindra, said.

The acquisition is a part of Tech Mahindra’s long-term growth plan to build presence across key markets in Ireland, Germany, the US, and India with enhanced global delivery.

“Both companies’ future ambitions and desires to digitally transform the world of pharmaceutical packaging services will deliver long term innovative solutions to our clients that will future-proof their needs over the next 10 years,” Alan Leamy, chief executive officer of Perigord Asset Holdings Ltd, said.

Meanwhile, Ratan Tata, chairman Emeritus of Tata Sons and chairman of Tata Trusts, has, in his personal capacity, acquired a stake in Pritish Nandy Communications through market deals last week. While the company did not give any details, the announcement led to its shares rising almost 10 per cent to close at Rs 23.50.



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