Microsoft takes 10 pc in TCS China
Tata Consultancy Services (TCS) and its three Chinese partners have a tripartite investment agreement for their joint venture TCS China, the Chinese arm of TCS.
The joint venture agreement was signed at the `India – China Trade and Investment Co-operation Summit’ here on Thursday.
The entry of Microsoft follows the granting of business operating licences to TCS China. The three parties had signed an MoU in June 2005 to this effect.
"Microsoft will hold 10 per cent stake in TCS China whereas TCS will hold 65 per cent and the Chinese partners will hold the remaining 25 per cent. The equity capital of the company would be around $14 million. TCS China will allow TCS to provide the best in technologies to clients there at affordable local prices," said Mr Girija Pande, Head of TCS in Asia Pacific.
TCS China will have 5,000 employees in five years’ time. The company will focus on the BFSI (Banking, Financial Services and Insurance), manufacturing, telecom and government sectors, said Mr Pande.
Beijing Zhongguancun Software Park, Uniware Company Ltd and Tianjin Huayuan Software Construction are the Chinese parties to the agreement.
Source:
