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Infosys sets up JV in Saudi Arabia to tap local IT business

Firm lags behind Wipro and TCS in engaging with Saudi Kingdom, which is investing in infra and education to adapt to the knowledge economy

Alnoor Peermohamed  |  Bengaluru 

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Infosys Ltd has become the latest Indian IT services company to set up a joint venture with a local company in Saudi Arabia to tap local customers in the Islamic Kingdom, which is using technology to transform itself from being a oil dependent company. Infosys is investing $ 321,671 or Rs 2.12 crore for a 70 per cent stake in the JV with Saudi Prerogative Company (SPC) to tap local IT service business, the company said in a BSE filing.

The deal is subject to approval from the Saudi Arabian General Investment Authority. Infosys lags behind local rivals such as Wipro and Tata ...

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First Published: Fri, September 02 2016. 19:14 IST