You are here: Home » Companies
Business Standard

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 

This is article Banner

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 ...

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

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