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Home / India News / 2007 / March / March 10, 2007
Mastek and Deloitte End Joint Venture
Mastek

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Mastek and Deloitte End Joint Venture

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Mastek and Deloitte End Joint Venture

Mumbai, Maharashtra, India

Mastek Ltd and Deloitte Consulting LLP, a subsidiary of Deloitte & Touche USA LLP, announced that Deloitte Consulting LLP had acquired Mastek's interest in their joint venture. Under the terms of an agreement, Mastek sold its entire equity interest in the joint venture, Mastek - DC Offshore Development Company Private Limited, to affiliates of Deloitte Consulting LLP. The five-year-old joint venture was created to deliver a wide range of technology integration and related solutions for US clients of Deloitte Consulting. Around 500 professionals employed in Mumbai will remain employees of the existing entity.

Doug Lattner, Chairman and Chief Executive Officer of Deloitte Consulting said that "Our alliance with Mastek was instrumental in helping Deloitte Consulting build its business center in Mumbai, and our collaboration has been very fruitful and we thank Mastek for their support. It is now time to further commit to our offshore capabilities as an integral part of our service delivery and our purchase of Mastek's interest is a demonstration of that commitment".

Sudhakar Ram, Chairman and Managing Director of Mastek said that " We had good operational and cultural synergy working with Deloitte. The Joint Venture has more than accomplished the objectives we have set out. We wish Deloitte all the best in taking its Mumbai business center forward."

About Deloitte:

Deloitte refers to one or more of Deloitte Touche Tohmatsu, a Swiss Verein, its member firms and their respective subsidiaries and affiliates. As a Swiss Verein (association), neither Deloitte Touche Tohmatsu nor any of its member firms has any liability for each other's acts or omissions. Each of the member firms is a separate and independent legal entity operating under the names "Deloitte," "Deloitte & Touche," "Deloitte Touche Tohmatsu" or other related names. Services are provided by the member firms or their subsidiaries or affiliates and not by the Deloitte Touche Tohmatsu Verein.

Deloitte & Touche USA LLP is the US member firm of Deloitte Touche Tohmatsu. In the U.S., services are provided by the subsidiaries of Deloitte & Touche USA LLP (Deloitte & Touche LLP, Deloitte Consulting LLP, Deloitte Financial Advisory Services LLP, Deloitte Tax LLP and their subsidiaries), and not by Deloitte & Touche USA LLP.

About Mastek:

Mastek, is a Rs. 701 cr., US $ 156 million (July 2005 - June 2006) publicly held, leading IT player with global operations providing enterprise solutions to insurance, government, and financial services organizations worldwide. With its principal offshore delivery facility based at Mumbai, India, Mastek operates across US, Europe, Japan and Asia Pacific regions. Incorporated in 1982, Mastek has been in the forefront of technology, which along with proven methodologies and processes, increase IT value generation to its customers through onsite and offshore deliveries.

Sanjay Mudnaney, Mastek Limited, +91 98218 76559 sanjaym@mastek.com

Neha Chokhani, Corporate Voice|Weber Shandwick, +91 98201 33487 nehac@corvoshandwick.co.in

Source: Mastek Limited (Business Wire India)

Press release presented here is sourced from the Source mentioned above and is provided on as-is basis. Please contact the Company / Source directly for any further information in regard to this release. This website will be unable to assist you in regard to the accuracy or correctness of information in this release.

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