Deloitte, Mastek, Joint, Venture
Deloitte buys out Mastek, ending joint venture
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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."
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