URL copied
TCS to acquire GE s stake in TCS Saudi Arabia
IT major Tata Consultancy Services (TCS) on Tuesday said it will acquire GE s stake in Tata Consultancy Services Saudi Arabia for USD 12,471 (about Rs 9.13 lakh). In September 2013, TCS announced the creation of an all-women business process services centre in Riyadh (Saudi Arabia) in partnership with GE. Given GE s planned exit from this partnership, the partners have entered into a definitive agreement subject to closing conditions for transfer of GE s stake in the venture to TCS, a regulatory filing said.
On completion of required governance and business changes to effect this transition, TCS will assume full responsibility of the centre, it added.