Porsche sells consulting firm MHP to India-based TCS

German luxury automaker Porsche has reached an agreement to sell its management and IT consulting firm MHP in its entirety to the India-based technology service provider Tata Consultancy Services (TCS).

According to a statement from the Stuttgart-based company, a sales contract has been signed between the two parties. While the transaction is expected to be completed in the coming months, no information was shared regarding the financial details of the sale.

Porsche announced this move as part of its strategy to focus more on its core business within the scope of its future vision called "Sportwagenschmiede35." In line with the same restructuring, the company had previously terminated its battery production, the operations of a software company, and its electric bicycle business.

In addition to the sale, Porsche and TCS plan to establish a long-term strategic partnership in the fields of digital solutions and artificial intelligence. It was stated that under the agreement, MHP will maintain its corporate identity as an independent brand and consulting firm within the Tata Group.

Headquartered in Ludwigsburg near Stuttgart, MHP employs more than 4,500 people worldwide. The company, which has been providing IT transformation consulting in the automotive and manufacturing industries for over 30 years, is expected to continue being an important partner in Porsche's digitalization processes after the sale.

News Source: 12punto