Shares of IT major Infosys rose 1.3 percent intraday Friday after company entered into joint venture with Hitachi, Panasonic Corporation and Pasona Inc to enhance its presence in Japan.
Infosys will acquire 81 percent of the shareholding in Hitachi Procurement Service Co, Hitachi’s fully owned subsidiary that currently handles indirect materials purchasing functions for the Hitachi Group.
Hitachi, Panasonic and Pasona will be minority shareholders of the entity.
Infosys will bring its global expertise in procurement processes, consulting, analytics and digital technologies such as artificial intelligence (AI) and Robotic Process Automation (RPA) to the venture.
Deepak Padaki, Executive Vice President & Head, Corporate Strategy, Infosys, said, “This transaction is a significant demonstration of our commitment to building a local presence in the region in order to partner with our Japanese clients and accelerate their digital journey.”
At 09:43 hrs Infosys was quoting at Rs 701, up Rs 4.50, or 0.65 percent on the BSE.
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