Deloitte buys Mastek's stake in their joint venture

Mumbai, Mar 10 (UNI) Deloitte Consulting LLP, a subsidiary of Deloitte&Touche USA LLP, today announced that they have acquired Mastek's stake in their joint venture.

Under the terms of the 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 earlier 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, a company statement said here.

Deloitte Consulting chairman and CEO Doug Lattner said ''Our alliance with Mastek was instrumental in helping Deloitte Consulting build its business centre in Mumbai. 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.'' Mastek chairman and MD Sudhakar Ram said ''We had good operational and cultural synergy working with Deloitte. The joint venture has more than accomplished the objectives we had set out. We wish Deloitte all the best in taking its Mumbai business centrd forward.'' UNI