Tech Mahindra to buy 65% stake in Mad*Pow for $17 million

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IT company Tech Mahindra will pay USD 17 million (about Rs 121 crore) to acquire 65 per cent stake in US-based strategic design consultancy firm Mad*Pow.

"On behalf of Tech Mahindra, we would like to clarify that the analyst call transcript has a typo wherein the number of USD 17 million has been mistakenly mentioned as USD 70 million," Tech Mahindra spokesperson said in a statement on Tuesday.

The analyst call transcript of Tech Mahindra earlier quoted Vivek Agarwal, head for corporate development & BFSI at Tech Mahindra, saying the company is buying 65 per cent upfront for USD 70 million.

Tech Mahindra announced plans to acquire Mad*Pow on July 30.