Infosys Ltd said on Friday it has formed a joint venture with Singapore state investor Temasek as it expands its presence in Southeast Asia.
Temasek looks to enhance its IT services through the venture in which Infosys will hold a 60 per cent stake and Temasek 40 per cent, Infosys said in a statement.
The joint venture will integrate teams from Infosys and the operations of Temasek’s unit in Singapore, Trusted Source Pte Ltd, which currently delivers IT services to Temasek and a number of other clients.
Headquartered in Singapore, the joint venture will have more than 200 employees and contractors from Trusted Source, while Infosys staff will join over time.
The companies named Shveta Arora, Infosys vice president and regional head in South East Asia, as chief executive officer of the new venture.
On the BSE, Infosys shares opened higher at Rs 733.05 against Thursday’s close of Rs 727.95. At 10 am, the shares were trading marginally lower at Rs 727.15 after hitting a high of Rs 737. – The Hindu Business