Mastek & Deloitte End Joint Venture

Mastek Ltd has announced that the Company and Deloitte Consulting LLP, a subsidiary of Deloitte & Touche USA LLP, announced that Deloitte Consulting LLP had acquired the Company's interest in their joint venture. Under the terms of an agreement, the Company sold its entire equity interest in the joint venture, Mastek - DC Offshore Development Company Pvt Ltd, to affiliates of Deloitte Consulting LLP. The five-year-old joint venture was created to deliver a wide range of technology integration and related solutions for US clients of Deloitte Consulting. Around 500 professionals employed in Mumbai will remain employees of the existing entity.

Sudhakar Ram, Chairman and Managing Director of the Company said that "We had good operational and cultural synergy working with Deloitte. The Joint Venture has more than accomplished the objectives we have set out. We wish Deloitte all the best in taking its Mumbai business center forward."

In BSE, Mastek shares were trading at Rs.303.45, up by Rs.6.75 (+2.28%) over its previous close of Rs.296.70.

Source : Equity Bulls

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