Infosys in JV with Temasek for cloud, AI tech, expanding SE Asia presence Noor Arora
India’s second largest IT services company Infosys has formed a joint venture with Singapore's state fund Temasek that will help the Bengaluru-headquartered firm increase its footprint in South East Asia by offering services in areas like cloud, analytics, artificial intelligence (AI) and automation. As part of the agreement, Infosys will invest up to $8.7 million to acquire 60 per cent in the joint venture entity, while Temasek will hold the rest. Around 200 of Temasek’s employees who were part of its wholly-owned subsidiary in Singapore Trusted Source Pte Ltd, will be part of the joint venture, while Infosys’s staff will join over time. Trusted Source currently delivers IT services to Temasek and a number of other clients in the region. "Infosys gains significant capacity in terms of the workforce as it focuses on strengthening its footprint in Southeast Asia, while Temasek will see a rapid enhancement of its IT services through the JV entity," Infosys said in a filing with the exchanges.
ARTICLE SOURCE: BS