LTIMindtree to work on enhancing women’s employment in Saudi Arabia

Mar24,2024



New Delhi: Joint venture of technical consulting firm LTIMindTree And Aramco will reflect India's strategy to build a technology talent pool Saudi Arab turn it up women's employment in the country, a senior official of an Indian IT company said. LTIMindtree and Aramco form a joint venture to build the next generation digital And information technology services In Saudi Arabia the company will provide technology services for the rapid digitalization of the Saudi market and build a local talent pool over time.
Sudhir Chaturvedi, chairman and executive board member of LTIMindtree, told PTI that the company's collaboration with Aramco Digital will establish a next-generation digital and IT services company in Saudi Arabia.
“We are going to make sure that like we do in India, where we hire experienced professionals as well as fresh people from universities and then train them in the process. Essentially, we use that model “We will replicate it there, obviously with nuances that are specific to the Saudi market. As part of the focus, the aim is to increase the employment of women in the Saudi market,” Chaturvedi said.
LTIMindtree will hold 51 per cent stake in the company while Global Digital, a wholly owned subsidiary of Aramco, will hold the remaining stake.
The joint venture was announced on March 6 and will become operational from July 1.
Chaturvedi said the joint venture was formed after a competitive process in which more than 20 companies from across the world participated and LTIMIndustry emerged as a successful partner after an almost two-year long process.
He said that Saudi Arabia is the biggest driver of this growth in terms of technology spending, as there is massive technology spending in giga projects like NEOM, Red Sea Global etc. in Saudi Arabia.
“There are about 12 giga projects going on in the Kingdom right now, and all the infrastructure is essentially cloud-based. What we have seen in India as part of Digital India, some of the modernization that we have seen in the ministry is what we see in the Saudi Market as well as other markets in the MENA region,” Chaturvedi said.
Talking about the impact of the joint venture amid global macro-economic concerns, Chaturvedi said that while there is a cautious environment across the world where clients are very focussed on cost, the Saudi market is not price sensitive but rather it is execution capabilities. and the quality of the technology offered.
However, he said the margin contribution from the joint venture will be a small portion initially, but it has huge potential in the long run.
“The KSA and MENA region together is a huge market and with the capacity and technology spend we see in that market, it will continue to grow even more. We want to make sure we capture a larger share of that market. We are going to make significant investments over the years,” Chaturvedi said.
LTIMindtree has reported nearly 17 per cent growth in consolidated net profit at Rs 1169.3 crore in the December 2023 quarter and almost 5 per cent growth in revenue from operations on year-on-year basis.



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