TCS arm wins 250 mn pound UK contracts

The country's largest software firm Tata Consultancy Services (TCS) today said its UK subsidiary Diligenta has won two life and pension contracts, totalling 250 million pounds in revenue in the UK.

Diligenta, a BPO service provider in the UK and subsidiary of TCS, has won major business from Phoenix Group and Old Mutual International following the transfer of Unisys Insurance Services (UISL) UK life and pensions services business to Diligenta, TCS said in a statement.

"TCS set up Diligenta to specialise in the provision of BPO services for the UK life and pensions industry. These new wins further cement the company's position amongst the largest providers of such services in the UK market and demonstrates our ability to closely partner with our customers," Diligenta Chairman and TCS Executive Director Phiroz Vandrevala said.

Diligenta's new contract with Phoenix has been extended by an additional six years until 2018 and both the contracts will generate 250 million pounds in revenue for the company over that period, it added.

With this, the number of policies Diligenta now administers will rise from 3.6 million to over five million, TCS said.

Shares of TCS closed at Rs 857.20 per piece today, up 1.58 per cent from its previous close.