Infosys Ltd. announced the extension of its joint venture with Temasek Holdings Pvt. for another five-year period on Thursday.
Infosys and Temasek had entered into a joint venture, known as iCompaz, in September 2018 to bring digital transformation capabilities and global skills to the ASEAN market.
This extension underscores iCompaz’s commitment to growing its presence in Singapore and the broader Southeast Asian market, according to an exchange filing.
iCompaz has collaborated with Temasek on its technology transformation initiatives, such as deploying new digital architecture, data applications and security infrastructure.
Infosys owns a 60% stake, while Temasek owns a 40% stake in the current joint venture—Infosys Compaz Pte.
“Our journey over the last 5 years has demonstrated shared aspirations of amplifying human potential. We look forward to further building on the strong foundation we have laid together to provide differentiated value to all stakeholders across the region,” said Dennis Gada, executive vice president and head of financial services at Infosys.
Infosys lowered its revenue growth guidance for fiscal 2024 for the second time on Thursday as the Indian IT services industry braces for a slowdown.
Revenue of India’s second-largest IT services firm rose 2.8% over the previous three months to Rs 38,994 crore in the quarter ended September, according to an exchange filing.
Shares of Infosys closed 2.82% lower at Rs 1,452.30 apiece before the announcement, as compared with a 0.09% decline in the benchmark NSE Nifty 50.
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