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Tech Mahindra’s Allyis India sets up Chessworks
PUNE: Tech Mahindra has quietly made a move into competitive sport, incorporating a new step-down subsidiary focused on chess, according to a disclosure filed with the BSE.
Allyis India, a wholly owned subsidiary of Tech Mahindra, has set up Chessworks Private Limited, a fully owned unit incorporated on December 14. The company received confirmation of incorporation from the ministry of corporate affairs on December 15.
Chessworks will organise and promote chess events and leagues in India and overseas, and develop related intellectual property, digital platforms and training programmes. The venture sits outside Tech Mahindra’s core IT services business, but the company framed it as a strategic extension into sports and intellectual property-led platforms.
The new entity has an authorised and paid-up share capital of Rs 1 lakh, fully subscribed in cash by Allyis India, giving it 100 per cent ownership and control. The company has yet to begin operations and has no turnover.