Tech Mahindra unit to sell LLC Pak stake for $5.2 mn

Tech Mahindra today said one of its subsidiaries will sell shares in LCC Pakistan to Talkpool AG, Switzerland, for USD 5.2 million (Rs 33.54 crore).

"One of the company's step down subsidiary viz LCC Middle East FZ LLC agreed to sell its 100 per cent shareholding in LCC Pakistan (Pvt) Ltd to Talkpool AG, Switzerland, today...

Total consideration for the sale of shares will be USD 5.2 million," Tech Mahindra said in a BSE filing.

The contribution from this entity in the consolidated performance of Tech Mahindra last fiscal was about USD 11.8 million (0.27 per cent).

The sale is expected to be completed by October 31.

LCC Pakistan was founded in 2008 and has about 1,000 employees in Pakistan, which becomes TalkPool's largest market.

In 2014, Tech Mahindra had announced the acquisition of US-based Lightbridge Communications Corporation (LCC) for USD 240 million (over Rs 1,486 crore) in an all-cash deal.

The Swiss firm delivers a comprehensive range of network design, engineering, implementation and managed services designs.

Through the acquisition of LCC Pakistan, TalkPool will become one of the leading providers of network services in Pakistan, and make a powerful entry into the market for network services and IoT solutions throughout the Middle East region, Talkpool said in a statement.

(This article has not been edited by DNA's editorial team and is auto-generated from an agency feed.)