MBT is now Tech Mahindra

MUMBAI: Mahindra-British Telecom (MBT) today announced its new corporate name, Tech Mahindra, and unveiled its new visual identity.

Announcing this at a press conference here, Vineet Nayyar vice chairman and MD of Tech Mahindra said this was an "important point in the history of the company and we are looking to diversify into many areas."

He also said that the more than 40 percent of the company's current revenues are from clients other than BT. The company's revenue stood at Rs 842 crore as of end-December 2005 and the profit-after-tax was Rs 162 crore.

Clive Ansell, Group Strategy Director, BT said, "Tech Mahindra will always be an important partner and we will remain its major shareholder."

MBT was a 57:43 joint venture that has a client base dominated by BT. The JV was formed in 1987.

Meanwhile, in a statement to the BSE, Anand Mahindra, chairman of Tech Mahindra said, "We plan to leverage the rock-solid brand equity and popularity of the Mahindra brand, especially in India where the delivery capabilities are located. The change in name and the new visual identity emanates from the confirmation of core values the Mahindra group has incorporated pointing to a dynamic, future-ready organisation with capabilities, global reach, partnerships and human assets."

According to the statement, BT will continue to be a shareholder as well as customer for Tech Mahindra, and the commitment and engagement with BT remains as firm as ever.

The company has been a strategic partner in many key transformation journeys at BT and has played a significant role in mission critical systems for BT. The new identity will help market these capabilities into the wider telecom ecosystem.

The company has recently acquired Axes Technologies for $52.25 million, strengthening its product engineering offerings. The company has added three development centres in India and one in the US.

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