New Delhi: IT firm Tech Mahindra on Tuesday stated it would acquire 80 per cent stake in Australian synthetic intelligence firm Geomatic.AI for six million Australian {dollars} (about Rs 32 crore) via its Singapore-based subsidiary.
Geomatic.Ai Pty is an organization integrated beneath Australian legal guidelines on February 7, 2022 and operates in the sphere of vitality and utilities.
“As part of this deal, Tech M will have 80 per cent shareholding in Geomatic.AI for consideration of Australian dollar 6 million. Ausnet will have 20 per cent shareholding and transfer digital workforce, intellectual property , assets and client contracts to the newly formed entity,” as per a regulatory submitting.
The deal has been signed and closed concurrently, it added.Â
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