BT yesterday completed the sale of a 5.5 per cent stake in Tech Mahindra in a move that could pave the way for further share sales in the Indian telecoms firm.
The sale takes BT’s stake in the firm down to 24.4 per cent, with the UK telecoms giant saying “further sales may be considered in the future”. The 6.9m shares netted BT a total of £63m.
Tech Mahindra, which provides information technology services to the telecoms industry, is a unit of tractor and utility vehicle maker Mahindra & Mahindra (M&M). BT Group owns about a 30-per cent stake in Tech Mahindra.
BT and M&M established the joint venture that became Tech Mahindra in 1986. It has grown to over £630m of annual revenues after listing on the Bombay Stock Exchange in 2006.