TCS signs strategic agreement with MC
Posted on Apr 21 2014 | IBNS
Mumbai, Apr 21 : IT services, consulting and business solutions firm Tata Consultancy Services (TCS) on Monday announced that it has signed definitive agreements with Japanese integrated business enterprise Mitsubishi Corporation (MC) to merge TCS Japan, ITF and NTSC.
According to the officials, TCS will hold 51 percent in the merged entity and MC to hold 49 percent. The merged entities will be operational from July 2014.
Commenting on the transaction N Chandrasekaran, CEO and Managing Director, TCS, said, "This strategic transaction signifies our serious commitment to the Japan market. TCS will now have the scale, strong local presence and our full range of global capabilities to serve the Japanese corporations effectively and accelerate our growth in Japan market."
He added, "We deeply value the partnership with Mitsubishi Corporation and look forward to leveraging our mutual strengths in the Japan market."
TCS noted that the transaction will create a new IT Services company of significant scale in the Japanese market.
ITF brings its long standing relationships with Japanese corporations, talented workforce and competencies in industries like retail, distribution and trading.
This will complement TCS' deep domain knowledge, technology expertise and strong execution track record. TCS' Global Network Delivery Model (GNDMTM) capabilities will also enable the Japanese corporations' globalization ambitions, the officials informed.
TCS said that the company will provide tremendous additional value to clients in Japan; while employees will secure the advantages of building their careers in a global organization.