Tech Mahindra and AION Capital, a joint venture between global buyout investor Apollo and ICICI Venture, are leading the fray to acquire InterGlobe Technologies, the IT and back office arm of travel conglomerate Inter-Globe Enterprises, multiple sources familiar with the development said.
The two bidders made separate offers 10 days back to acquire the New Delhi-based company in a deal valued at around $400 million. InterGlobe Enterprises — also the parent of India’s largest airline IndiGo — has diversified presence in aviation, hospitality, technology and real estate.
TOI first reported about InterGlobe appointing investment banks to sell the travel-focused IT services business in March this year. The sale process had also attracted the interest of private equity investors Blackstone, Carlyle, Everstone and Partners Group.
Tech Mahindra’s interest comes as a surprise but is seen as an attempt to scale up presence in the booming travel and hospitality domain. Retail, transport and logistics contributed 6.2% to Tech Mahindra’s revenue. Other homegrown tech services companies like NIIT and Accelya have significant focus on the travel, cargo and transportation space. Read More