Tech Mahindra to acquire 80% stake in Australian firm Geomatic.AI

New Delhi: IT company Tech Mahindra on Tuesday said it will acquire 80 per cent stake in Australian artificial intelligence firm Geomatic.AI for 6 million Australian dollars (about Rs 32 crore) through its Singapore-based subsidiary.

Geomatic.Ai Pty is a company incorporated under Australian laws on February 7, 2022 and operates in the field of energy 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 filing.

The deal has been signed and closed simultaneously, it added.