Which of the following statements about Tech Mahindra's acquisition of Orchid Cybertech Services Inc. is/are incorrect?

1. Tech Mahindra's wholly owned subsidiary, vCustomer Philippines Inc., approved the acquisition of 100% equity shares in Orchid Cybertech Services, Inc.

2. Orchid Cybertech Services Inc. provides customer experience services to Airtel.

3. Tech Mahindra's acquisition strengthens its relationship with TPG Telecom.

Solution

•     Tech Mahindra announced that the Company through its wholly owned subsidiary viz., vCustomer Philippines Inc. approved the acquisition of 100% equity shares in Orchid Cybertech Services, Inc, (OCSI) for a cash consideration of AUD 5 million. •     Orchid Cybertech Services Inc. (OCSI) provides Customer experience related services to TPG Telecom. It has about 2,950 full time employees. •     Tech Mahindra has long standing relationship with TPG Telecom (TPG). •     This deal further strengthens the relationship with TPG and aids in expanding existing customer experience capabilities and business in the Philippines. •     As part of this transaction OCSI, including its assets and employees, will become part of Tech Mahindra and Tech Mahindra will provide customer support and other services to TPG.