Wednesday, November 16 2005 14:29 Hrs (IST) - World Time -

Bangalore: Mahindra-British Telecom (MBT), a leading provider of solutions to the telecommunications industry, has entered into a definitive agreement to acquire Taxas-based Axes Technologies for a total consideration of US$ 54 million, it was announced here today (Nov 16, 2005).

Axes Technologies, focused on providing telecom development services and technology platforms, currently employs approximately 850 people and has development centers in Bangalore and Chennai.

The transaction was announced at a press conference by Vineet Nayyar, Managing Director and CEO of MBT, a joint venture of India's Mahindra and Mahindra (M&M) and BT Group Plc (BT), the United Kingdom, and Paul Pandian, Founder and President, Axes Technologies.