Infosys, Temasek form JV in Singapore

India’s second-largest IT services company, Infosys, on Friday said it had formed a joint venture (JV) with Singapore's state fund Temasek. As part of the agreement, Infosys will acquire 60 per cent in the JV, Trusted Source, in lieu of which the company would invest around $9 million.

India’s second-largest information technology (IT) services firm Infosys on Friday said it had teamed up with Temasek to form a joint venture (JV), which would support the Singaporebased company’s digital transformation journey.

Infosys Consulting (Infosys subsidiary) will hold a 60 per cent stake in the JV, the firm said. The remaining stake will be held by Temasek through Franklin Investments, it said. The agreement was signed by the two firms on Thursday night and would be effective immediately.

The JV will integrate teams from Infosys and the operations of Temasek’s wholly owned subsidiary, Trusted Source, which currently delivers IT services to Temasek and a number of other clients.

Apart from widening footprint in Southeast Asia, the JV will enable Infosys to provide services to its clients though its newer solutions and in areas such as artificial intelligence, automation and cloud, among others. More than 200 employees and contractors from Trusted Source will be part of the JV, in addition to Infosys staff who will join over time, the statement said.