Infosys forms JV with Temasek in Singapore
Indian software major Infosys Ltd on Friday said it has formed a joint venture (JV) with global investment firm Temasek in Singapore to service it and its clients in the digital space.
Bengaluru: Indian software major Infosys Ltd on Friday said it has formed a joint venture (JV) with global investment firm Temasek in Singapore to service it and its clients in the digital space.
"The JV will integrate our team with that of Temasek's Singapore subsidiary Trusted Source Pte Ltd, which delivers IT services to it and its clients," said the city-based IT firm in a statement here.
As per an agreement signed by the partners on Thursday night, Infosys will hold 60 per cent and Temasek 40 per cent in the JV's unspecified paid-up capital or equity shares.
The 44-year-old Singapore-based Temasek owns a whopping $235 billion funds, with two-thirds of it invested in Singapore and the rest of Asia.
"The JV gives us synergy and strategic alignment in terms of workforce to strengthen our presence in Southeast Asia, while Temasek will see its IT services enhanced through its augmented capabilities," noted the statement.
The JV will also support Temasek's digital transformation journey, managing cloud migration programme to enable it host applications on a cloud platform.
As the JV's partner, Trusted Source will provide Temasek and its other clients in the region solutions and technologies across cloud, data and analytics, cyber security, digital experiences and Artificial Intelligence and automation.
Infosys Vice-President Shveta Arora will be the Chief Executive of the JV, with 200 techies of Trusted Source joining it along with Infosys staff over time.
"We will leverage digital skills, learning capabilities and transformation experience of Trusted Source to help enhance operations across Temasek's global business," said Infosys President Mohit Joshi on the occasion.
The JV will also accelerate Infosys' efforts in the region, enhancing its presence, as it helps clients navigate the next journey in their business transformation.
"In line with our commitment to invest in advanced technologies and skills for the workforce, the JV's employees will have access to our global education and training capabilities to provide professional services," added Joshi.
Commenting on the JV, Temasek Chief Technology Officer Jon Allaway said the opportunity would provide support to its subsidiary (Trusted Source), ability to develop its employees' careers with Infosys.
"The partnership will help unlock capabilities and technology platforms, as the organisation continues our growth with a global presence," added Allaway.
With offices in 11 locations across Asia, America and Europe, Temasek's investments are guided by transforming economies, growing middle income populations, deepening comparative advantages; and emerging champions.
The JV's formation came on a day when Temasek inked an agreement with India's state-run National Investment and Infrastructure Fund (NIIF) to invest $400 million (Rs 2,880 crore) in its Master Fund.
The investment in the NIIF also makes Temasek a shareholder in the Fund, which has Abu Dhabi Investment Authority, HDFC Group, ICICI Bank, Kotak Mahindra Life Insurance and Axis Bank as other investors.
The Master Fund invests in core infrastructure sectors like transportation, energy and urban infrastructure across the country.