New Delhi, Feb 15 (PTI) IT company Tech Mahindra on Tuesday said it will acquire 80 per cent stake in Australian artificial intelligence firm Geomatic.AI for 6 million Australian dollars (about Rs 32 crore) through its Singapore-based subsidiary.

Geomatic.ai Pty is a company incorporated under Australian laws on February 7, 2022 and operates in the field of energy and utilities.

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"As part of this deal, Tech M will have 80 per cent shareholding in Geomatic.AI for consideration of Australian dollar 6 million. Ausnet will have 20 per cent shareholding and transfer digital workforce, intellectual property , assets and client contracts to the newly formed entity," as per a regulatory filing.

The deal has been signed and closed simultaneously, it added.

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(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)