Tech Mahindra to merge US subsidiaries

Tech Mahindra (BSE: TECHM) has announced a plan of merger involving its step-down subsidiaries in the United States. The Board of Directors has approved the merger of Comviva Technologies USA, Inc. into its parent company, Comviva Technologies Americas, Inc. The transfer will take effect on March 1, 2025, subject to regulatory approvals. According to the news release, the merger is designed to streamline operations, with the goal of optimizing operational costs and reducing compliance risk. For the most recent financial year, Comviva Technologies USA Inc. had a turnover of USD 0.65 million, while Comviva Technologies Americas, Inc. had a turnover of USD 19.05 million.