TCS buys out Grupo TBA stake in Brazil
TCS has increased its stake to 100 per cent in the joint venture IT services company TCS do Brasil for $33.4 mn.
By ET Online |
LONDON: Tata Consultancy Services (TCS), announced that it has increased its stake from 51 per cent to 100 per cent in the joint venture IT services company TCS do Brasil for $33.4 million. TCS acquired Grupo TBA's 49 per cent stake in the company, which will now be wholly owned by the Indian major.
TCS do Brasil recorded a top line of $ 66.5 million for the year ended March 31, 2007 and has over 1700 employees. In 2002, TCS entered the emerging high growth Brazilian market through a 51:49 joint venture with Grupo TBA. Grupo TBA brought local market knowledge and client relationships, while TCS contributed world class methodologies, process and quality systems. In five years, the Brazilian operations have scaled up, achieving market penetration and enhancing delivery capabilities thereby resulting in a high level of customer satisfaction.
The company operates delivery centers in Sao Paulo and Brasilia and provides services to over 30 clients including ABN Amro, Goodyear, Equifax and Brasil Telecom, among others. Grupo TBA & TCS have also signed a co-operation accord by which they will continue to jointly service clients, in areas of complementary services, offering to the Brazilian market a full services capability in IT services, consulting and products.
TCS has over 89,000 IT consultants in 47 countries. The company generated consolidated revenues of US $4.3 billion for fiscal year ended 31 March, 2007 .
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