LTIMindtree, India’s sixth largest IT services firm by revenue, will make an initial investment equivalent to $12.3 million (about Rs 101.96 crore), in one or more tranches, the company said in a regulatory filing on Wednesday.
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The company said it executed a shareholders’ agreement with Global Digital Integrated Solutions Company for setting up a JV in the Kingdom of Saudi Arabia (KSA).
Global Digital will hold 49% of the share capital in the JV, it said.
“The scope of the joint venture company will be to market and provide information technology services to accelerate digital transformation and new next generation technology adoption in government and private sector enterprises in the KSA as well as in the MENA region,” the statement said.
The MENA region comprises Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, the United Arab Emirates, Iraq, Jordan, Lebanon, Egypt, Libya, Tunisia, Algeria and Morocco.
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Initially, the authorised capital of the JV will be 500,000 Saudi riyals (about Rs 1.10 crore), LTIMindtree said.A chairman and a vice-chairman will preside over the meetings of the board of managers, which will consist of five members, with LTIMindtree having the right to appoint, remove and replace three board managers. Global Digital will have the right to appoint, remove and replace two of them.
“The aim of the proposed joint venture company is to develop a regional hub of IT services primarily in Saudi Arabia, and, at a later stage, the MENA region. The proposed joint venture company will be an engine of digital transformation in Saudi Arabia and enable growth of the digital economy, addressing gaps, transferring IT domains knowledge, and developing IT and digital transformation services ecosystem in Saudi Arabia,” the statement said.
In addition, the JV provides an attractive financial investment and opportunity for acceleration of the digital transformation of Saudi Arabia, with focus on co-innovation and joint IP creation, in line with Saudi Arabia’s 2030 Vision, it said.
