Indian information technology giant Infosys has launched a joint venture (JV) with Japanese electronics to telecommunications company Hitachi Ltd., electronics company Panasonic Corp. and staffing services provider Pasona Inc. to boost Infosys’ footprint in Japan.
Infosys, via its Singapore-based Infosys Consulting Pte Ltd. subsidiary, will acquire 81 percent equity stake for 175 crore rupees ($24.3 million) in Hitachi's subsidiary, Hitachi Procurement Service Co. Ltd. Hitachi will give 2 percent each to Panasonic and Pasona, and will keep the remaining 15 percent.
The transaction is expected to close by April 1, 2019, and subject to customary closing conditions, Infosys said.
The JV aims to offer differentiated, end-to-end and high-value procurement capabilities to corporations, with the expertise of Hitachi and Panasonic in procurement functions and Pasona's human capital and business process management networks.