Infosys enters into joint venture agreement with Saudi Prerogative Company

On September 02, IT-major Infosys informed that it has entered into a joint venture agreement with Saudi Prerogative Company (SPC), in order to conduct IT service for customers located in Saudi Arabia. 

The joint venture will involve Infosys holding 70% stake while SPC the remaining 30% stake. 

The agreement has been subject to the approval of Saudi Arabian General Investment Authority (‘SAGIA’). 

"Under the agreement there are no issuance of company shares. However, the investment in the JV will be in cash of $ 3,12,671 (SAR 1,172,501) in the equity share capital of the proposed joint venture  company, "It said in the statement. 

All rights such as board of directors, transfer restrictions, information rights etc. will be customary.