The Mumbai-headquartered firm will establish partnerships with local universities, business schools and trade bodies to create 300 jobs in the next 3 years.
IT services firm Tech Mahindra will increase its investments in Korea in a bid to become the largest India-based system integrator in the Asian nation over the next three years.
The Mumbai-headquartered firm will establish partnerships with local universities, business schools and trade bodies to create 300 jobs in the next 3 years.
"The move represents another major investment by the Mahindra Group, which is the owner of Ssangyong Motor and already one-of-the largest foreign investors in Korea," Tech Mahindra said in a statement.
Tech Mahindra aspires to be the largest India-based system integrator in Korea by 2017. The firm believes that localisation is the key to achieve this target and plans to run as a local Korean company in partnership with a Korean conglomerate, it added.
The over USD-3 billion entity is part of the USD 16.5 billion Mahindra Group.
"Korea's growth and rise encourages us to explore its potential to connect with the world market today. Our relationship with Korea goes back a long way through Mahindra Auto," Tech Mahindra CEO and Managing Director C P Gurnani said.
The firm is committed to creating local infrastructure and knowledge base to address the needs of Korean businesses globalise their operations, he added.
Tech Mahindra first set its foot in Korea in May 2002 and has strong capabilities in IT system development and IT service management with service delivery optimisation through local delivery centres onsite and offshore.
Tech Mahindra stock price
On July 22, 2014, Tech Mahindra closed at Rs 2134.95, up Rs 24.15, or 1.14 percent. The 52-week high of the share was Rs 2180.00 and the 52-week low was Rs 1132.45.
The company's trailing 12-month (TTM) EPS was at Rs 114.57 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 18.63. The latest book value of the company is Rs 366.46 per share. At current value, the price-to-book value of the company is 5.83.
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