New Delhi: Tech Mahindra Ltd on Monday informed stock exchanges that its wholly owned subsidiary, Allyis India Private Limited (AIPL), has incorporated a new wholly owned step-down subsidiary, Chessworks Private Limited, as part of its expansion into sports-related initiatives.
In a regulatory filing under Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements (LODR) Regulations, the IT services major said Chessworks was incorporated in India on December 14, 2025. The company received confirmation of the issuance of the certificate of incorporation from the Ministry of Corporate Affairs on December 15, 2025.
Chessworks has been set up with an authorised and paid-up share capital of ₹1 lakh, comprising 10,000 equity shares of ₹10 each, fully subscribed in cash by AIPL. With this, AIPL holds 100% of the share capital of the new entity, making it a step-down subsidiary of Tech Mahindra.
According to the disclosure, Chessworks will operate in the sports segment and focus on organising and promoting chess events and leagues globally. The company will also engage in managing chess-related tournaments, developing intellectual property, digital platforms and educational programmes in collaboration with federations, institutions and sponsors.
Tech Mahindra clarified that the incorporation does not qualify as a related party transaction at the time of initial subscription. However, following incorporation, Chessworks will be treated as a related party of the company. It added that the promoter and promoter group entities do not have any direct interest in the new subsidiary beyond the corporate shareholding structure.
The company noted that Chessworks is yet to commence operations and therefore has no turnover at present.
No regulatory approvals were required for the incorporation , it said.