Infosys forms JV with Hitachi, Panasonic and Pasona in Japan

NEW DELHI: India’s second largest IT services firm InfosysNSE 0.42 % Monday said it has completed the formation of its joint venture with HitachiNSE -0.91 %, PanasonicNSE 6.63 % Corporation and Pasona Inc, strategically enhancing presence in Japan.

In December last year, Infosys had announced its agreement with these partners under which Infosys was to acquire 81 per cent share in Hitachi Procurement Service Co, Hitachi’s fully owned subsidiary. Consideration for the 81 per cent stake was 2,762 million yen (approx Rs 174.58 crore).

Hitachi, Panasonic and Pasona are the minority shareholders of the entity.

HIPUS Co Ltd – the new venture – has named Shinichiro Nagagata as chief executive officer, Infosys said in a statement.