After the global telecom giant AT&T sold its stake in tech arm of the M&M Group, Tech Mahindra, the company has recently said that it will invest the money procured in the development of the Indian operations of the telecom giant.

Moreover, after the company sold its 7% stake in Indian major Tech Mahindra via a block deal, the stock of Tech Mahindra has seen a downside in the share markets so far. Out of the 7% stake, LIC picked up a 6% stake while there has been no clarity on the rest 1% so far.

With the company aiming to invest money in expanding its applications in cloud-based offerings, unified communication and managed security, the company has also shown interest in investing a part of the money in developing its tele-presence facilities in Bangalore and Delhi along with expansion of its infrastructure in Tier-I and II cities.

It may be noted here that AT&T is a major customer of Tech Mahindra and accounts for almost 18% of its revenues.

Both the parties have said that the stake sale will not affect its relationship in the long-run.