India’s 5th largest IT firm, Tech Mahindra has signed a Memorandum of Understanding (MoU) with Government of Gujrat on Tuesday, 18th October 2022, under the IT Enabled Service (IT/ITES)Policy.

The IT Service Company has announced that, it will expand its operation in the state and will be hiring 3000 employees in next 5 years.

The shares of the company rose higher within a day to Rs. 1026.35 from the previous one of Rs. 1019.60, on Bombay Stock Exchange (BSE).

The agreement signed, enables the company to provide cutting –edge digital engineering services in the state, which facilitates the empowerment of small and medium businesses by providing the engineering assistance.

“The Government is committed to supporting businesses to improve the Ease of Doing Business (EODB) in the state. In line with this, the MoU with Tech Mahindra will not only help us enable the same but also result in the overall development of the city.” The chief minister of Gujrat, Bhupendrabhai Patel said.

The IT service company said that they will provide digital engineering services for the businesses, for connecting with their customers with more agility, to produce new digital products and to generate new payment systems.

The Government of Gujrat generated IT/ITES policy (2022-2027) under which, the government has signed the Memorandum of Understanding with 15 IT firms along with Tech Mahindra, under its Employment Generation Incentive (EGI) and Atmanirbhar Gujrat Sahay Yojana. Wherein, the companies are expected to create 26,750 employment opportunities in the state of Gujrat.

Tech Mahindra was founded in 1986 by Anand Mahindra, as a joint venture with British Telecom. The company was ranked 5th among India’s IT firms and 47th on Fortune India 500 in the year 2019. The firm generated revenue of 4.8 billion US Dollars in the year 2021.

featured image source: CNBCTV18