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Infosys forms JV with Hitachi, Panasonic in Japan (Lead)
Bengaluru, Dec 14 (IANS) Global software major Infosys on Friday said it has formed a joint venture (JV) with Hitachi Ltd, Panasonic Corp and Pasona Inc to enhance its presence in Japan.
“The company will acquire 81 per cent equity stake in Hitachi’s subsidiary — Hitachi Procurement Service Co Ltd, in which Panasonic and Pasona will be minority shareholders,” said the city-based IT major in a statement here.
In a regulatory filing on the BSE, the company said its Singapore-based Infosys Consulting Pte Ltd subsidiary entered into an agreement with the three to buy the majority stake (81 per cent) in all-cash deal for $24 million (Rs 175 crore) on or before April 1, 2019.
“Hitachi will transfer two per cent each to Panasonic and Pasona and hold the remaining 15 per cent,” said the filing.
The Tokyo-based JV will help clients navigate their digital journey and accelerate business process transformation by leveraging digital procurement platforms.
“The joint entity will accelerate business process transformation leveraging digital procurement platforms for the local and global needs of Japanese corporations,” said the statement.
The $11-billion IT behemoth will use its global expertise in procurement processes, consulting, analytics and digital technologies, including artificial intelligence (AI) and Robotic Process Automation (RPA) to the venture.
The JV will 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 (BPM) networks.
“The JV will help Japanese firms transform procurement processes using digital platforms, with the combined power of our procurement expertise, technology and local skills,” said Infosys President Ravi Kumar.
As Japan is a strategic market for the outsourcing firm, company’s vice-president Deepak Padaki said the investment in the JV demonstrated its commitment to having a strong local presence in the region to partner with its Japanese clients and hasten their digital journey.
“We are building the new partnership, combining strengths and unlocking potential of Infosys, Panasonic, and Pasona,” said Hitachi chief procurement officer Masashi Murayama in the statement.
As procurement functions are critical, the partnership will also strengthen Hitachi’s global competitiveness with new operating models and delivery at speed enabled by digital technologies.
–IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma
World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.
Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.
During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.
On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”
Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.
It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.
Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.
Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”
On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”
The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.