Tech Mahindra reveals merger of two US-based ventures, details here 

In order to optimize operational costs, lower compliance risk, and streamline business operations, Tech Mahindra, a provider of IT services and consulting, has announced the merger of Born Group and Tech Mahindra Americas (TMA), two of its wholly-owned subsidiaries. The announcement was made in a regulatory filing with the Bombay Stock Exchange.

“A plan of the merger of Born Group Inc, a wholly-owned step-down subsidiary of the company with its parent company – Tech Mahindra Americas (TMA), a wholly-owned material subsidiary of the company, has been approved by the respective companies on March 22,” the announcement read.

Born Group was established in the United States in 2011 and specializes in offering digital products, mobile apps, and physical products brand strategy, graphic design, brand identity discovery, and other services. Established in the United States in 1993, Tech Mahindra Americas (TMA) offers computer consulting, programming support services, and IT management & consulting services.

According to the corporation, there would be no cash exchange or new share issue as part of the merger plan.

“Both the transferor and transferee companies are wholly-owned subsidiaries and hence there will be no cash consideration or issue of new shares involved under the Plan of Merger. The investment of TMA in Born will get cancelled on the merger becoming effective,” added the announcement.