Latest news with #MRUK
Business Mayor
02-05-2025
- Automotive
- Business Mayor
Tech Mahindra to acquire 100% stake in Mahindra Racing UK for GBP 1.2 million
New Delhi, Tech Mahindra on Friday said its wholly owned subsidiary, Tech Mahindra London Ltd (TMLL), has entered into a definitive agreement to acquire Mahindra Racing UK Ltd (MRUK) from Mahindra Overseas Investment Company (Mauritius) Ltd (MOICML). MOICML is a wholly owned subsidiary of Mahindra & Mahindra Ltd (M&M). This deal, executed through a share purchase agreement, involves TMLL acquiring 100 per cent shareholding in MRUK for a cash consideration of GBP 1.2 million (approximately Rs 13.5 crore). Upon completion, MRUK will become a wholly owned subsidiary of TMLL and, by extension, of Tech Mahindra Ltd. Tech Mahindra said it sees the acquisition as an opportunity to diversify into new business avenues such as sporting events, professional leagues, and data-driven engineering applications, while also enhancing its brand visibility. MRUK, incorporated in the UK in 2014, is engaged in the Formula Electric World Championship Racing industry, participating in events organised by the FIA. The company reported a revenue from operations of Rs 357.56 crore and a net worth of Rs 40.56 crore for the financial year ending March 31, 2025.
Time of India
02-05-2025
- Automotive
- Time of India
Tech Mahindra to acquire 100% stake in Mahindra Racing UK for GBP 1.2 million
New Delhi, Tech Mahindra on Friday said its wholly owned subsidiary, Tech Mahindra London Ltd (TMLL), has entered into a definitive agreement to acquire Mahindra Racing UK Ltd (MRUK) from Mahindra Overseas Investment Company (Mauritius) Ltd (MOICML). MOICML is a wholly owned subsidiary of Mahindra & Mahindra Ltd (M&M). This deal, executed through a share purchase agreement, involves TMLL acquiring 100 per cent shareholding in MRUK for a cash consideration of GBP 1.2 million (approximately Rs 13.5 crore). Upon completion, MRUK will become a wholly owned subsidiary of TMLL and, by extension, of Tech Mahindra Ltd. Tech Mahindra said it sees the acquisition as an opportunity to diversify into new business avenues such as sporting events, professional leagues, and data-driven engineering applications, while also enhancing its brand visibility. MRUK, incorporated in the UK in 2014, is engaged in the Formula Electric World Championship Racing industry, participating in events organised by the FIA. The company reported a revenue from operations of Rs 357.56 crore and a net worth of Rs 40.56 crore for the financial year ending March 31, 2025.
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Business Standard
02-05-2025
- Automotive
- Business Standard
Tech Mahindra to acquire 100% stake in Mahindra Racing UK for Rs 13.5 cr
Upon completion, MRUK will become a wholly owned subsidiary of TMLL and, by extension, of Tech Mahindra Ltd Press Trust of India New Delhi Tech Mahindra on Friday said its wholly owned subsidiary, Tech Mahindra London Ltd (TMLL), has entered into a definitive agreement to acquire Mahindra Racing UK Ltd (MRUK) from Mahindra Overseas Investment Company (Mauritius) Ltd (MOICML). MOICML is a wholly owned subsidiary of Mahindra & Mahindra Ltd (M&M). This deal, executed through a share purchase agreement, involves TMLL acquiring 100 per cent shareholding in MRUK for a cash consideration of GBP 1.2 million (approximately Rs 13.5 crore). Upon completion, MRUK will become a wholly owned subsidiary of TMLL and, by extension, of Tech Mahindra Ltd. Tech Mahindra said it sees the acquisition as an opportunity to diversify into new business avenues such as sporting events, professional leagues, and data-driven engineering applications, while also enhancing its brand visibility. MRUK, incorporated in the UK in 2014, is engaged in the Formula Electric World Championship Racing industry, participating in events organised by the FIA. The company reported a revenue from operations of Rs 357.56 crore and a net worth of Rs 40.56 crore for the financial year ending March 31, 2025. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
