Tech Mahindra Announces Incorporation of Subsidiary in Ghana

Key Takeaways from the Announcement

• Yabx Ghana was incorporated on 27th September 2024 as a step-down subsidiary of Tech Mahindra through Yabx Netherlands.
• Yabx Ghana aims to offer software and analytics platforms, focusing on financial institutions like banks and microfinancers in Ghana.
• Yabx Netherlands holds 70% of Yabx Ghana’s equity, with an initial investment of USD 203,000.

Yabx Ghana has been established with the business objective of providing software and analytics platforms and related services in Ghana. The company will cater to prospective clients such as banks, microfinancial institutions, and other lenders, offering software solutions like loan customer relationship management (CRM) and lead generation, along with data analytics services.

Yabx Netherlands holds 70% of Yabx Ghana’s shareholding, with an investment of GHS 3,126,200 (approximately USD 203,000) through the subscription of 312,620 shares at a face value of GHS 10 per share.

The company was incorporated with an authorised share capital of GHS 4,466,000 (USD 290,000). Yabx Ghana aims to become a key player in Ghana’s IT landscape, providing innovative tech solutions tailored for financial institutions.

About Tech Mahindra Limited

Tech Mahindra is a part of the Mahindra Group, a multinational federation of companies established in 1945. The Mahindra Group today is one of the largest and most respected groups in the world. It is a leader in several sectors, such as farm equipment, utility vehicles, information technology, and financial services, and also the largest tractor manufacturer in the world by volume. The group is also active in renewable energy, agriculture, logistics, hospitality, and real estate. Building a better world-wide dedicated to the promotion of the life process, with environmental, social, and governance (ESG) initiatives; the Mahindra Groups enable rural prosperity and urban living, aiming for a better impact for the community and stakeholders.

Key Takeaways from Manaksia Coated Metals Order Win:

• MCMIL is establishing itself in Europe’s competitive market and becoming a preferred supplier to leading clients.
• The new deal will significantly enhance MCMIL’s export revenue and support its strategy to expand into international markets.
• This contract positions MCMIL for future business with high-value European clients, aiming to be a key player in the region's steel supply chain.
• MCMIL is well-equipped to address the growing demand for high-quality coated steel products in Europe, as industries increasingly seek durable, corrosion-resistant materials.

This contract has the potential to evolve into a recurring order, ensuring a steady revenue stream for MCMIL in the coming years. Additionally, it will help the company maximise its production capacity from upcoming upgrades to its Continuous Galvanising Line (CGL), expected to be completed by Q4-FY2025.

Karan Agrawal, Whole Time Director at Manaksia Coated Metals & Industries Limited said, “This contract marks a pivotal moment in MCMIL’s journey toward expanding its global footprint, particularly in the competitive European market and we are honoured to have earned the confidence of a leading European client. As we reinforce our position as a trusted supplier in the competitive European market, the deal highlights our commitment to delivering world-class quality and reliability and comes at a time when we are focused on global expansion.”

About Manaksia Coated Metals & Industries Limited:

Manaksia Coated Metals & Industries Limited (MCMIL) is a top manufacturer and exporter of high-quality coated metal products, including pre-painted and plain galvanised steel in both coil and sheet forms. These products are commonly used in construction, automotive, appliances, and general engineering.

Based in Kutch, Gujarat, MCMIL is located close to major ports, which helps with efficient logistics for both domestic and international shipments. The company operates two manufacturing plants, four branch offices, and five stockyards and service centres across India, focusing on delivering excellent products to meet customer needs. Known for its innovation, quality, and customer-focused approach, MCMIL is committed to driving growth and providing value-added steel products that meet global market demands.

Key Takeaways from the Acquisition

• Adani Power acquired a 94.40% equity stake in ATEMPL via an allotment of 8 crore equity shares.
• The acquisition was valued at Rs. 24.9 per share, and the transaction was executed at arm’s length.
• ATEMPL has not yet started commercial operations and was incorporated to enhance infrastructure facilities.

Adani Power Limited (APL) has acquired a 94.40% equity stake in Anuppur Thermal Energy (MP) Private Limited (ATEMPL), previously a wholly-owned subsidiary of Adani Infra (India) Limited (AIIL), through the allotment of 8 crore equity shares on a preferential basis. The equity shares have a face value of Rs. 10 each. Following this transaction, ATEMPL has become a subsidiary of Adani Power as of September 27, 2024.

ATEMPL's authorised share capital stands at Rs. 85 crore, which comprises 8.5 crore equity shares with a face value of Rs. 10 each. Its paid-up share capital is Rs. 4.75 crore, consisting of 47.5 lakh equity shares. ATEMPL has not yet commenced commercial activities and was incorporated in 2007 with the objective of setting up infrastructure facilities.

This acquisition falls within the scope of related-party transactions as both ATEMPL and AIIL are related to Adani Power. However, the deal has been conducted at arm’s length, based on a valuation report from an independent registered valuer as per the Companies Act, 2013.

About Adani Power Limited

Adani Power Limited, one of the Adani Group subsidiaries, is an Indian multinational power and energy company based in Khodiyar, Ahmedabad. It is the largest private power generator in India with a capacity of 15,250 MW and has a 40 MW solar plant in Naliya, Bitta, Kutch, Gujarat. The Adani Godda Power plant, with an installed capacity of 1,600 MW, is being constructed in Jharkhand. The company has signed long-term power purchase agreements for about 9,153 MW with the governments of Gujarat, Maharashtra, Haryana, Rajasthan, Karnataka, and Punjab.

Key Takeaways from Persistent Systems Acquisition:

• Persistent Systems intends to acquire Arrka, a Pune-based company specialising in data privacy and AI governance, to strengthen its AI-led services.
• The integration of Arrka is part of Persistent’s strategy to improve its digital governance, data privacy, and cybersecurity offerings.
• Following the acquisition, Persistent will expand Arrka's Data Privacy Management platform to enhance AI governance, compliance with privacy laws, and ethical AI practices.
• Key focus areas post-acquisition will include AI Governance and Ethics, Data Privacy, Privacy in AI Product Engineering, and more.

The integration of Arrka is a key part of Persistent’s strategy to enhance its AI capabilities. The company is already investing in innovative platforms like SASVA, an advanced tool that uses generative and deterministic AI, and has made previous acquisitions to bolster its position in AI-powered services.

Arrka’s Data Privacy Management platform helps organisations manage their data privacy risks and comply with various legal requirements. 

Following the acquisition, Persistent will expand Arrka's offerings to develop strong capabilities in digital governance, including AI Governance and Ethics, Data Privacy, Privacy in AI Product Engineering, Consent and Rights Management, and AI Systems Auditing and Compliance Management. 

About Persistent Systems Limited:

Persistent Systems Limited is a global company that provides services and solutions in Digital Engineering and Enterprise Modernisation for various industries. With over 23,500 employees in 19 countries, the company focuses on innovation and helping clients succeed. Persistent offers a wide range of services, including AI-driven software engineering, product development, data analytics, customer experience transformation, cloud computing, and intelligent automation. The company was named the ‘Most Promising Company’ of the Year by CNBC-TV18 at the 2023 India Business Leader Awards. As a member of the United Nations Global Compact, Persistent is dedicated to aligning its strategies with principles related to human rights, labour, the environment, and anti-corruption, and actively works towards societal goals.