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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.
This will secure the centre's viability in the longer term and allow it to continue to serve as a source of opportunity and skills development for women in the country, the statement said.
Saudi Desert Rose Holding BV (wholly owned subsidiary of General Electric International (Benelux) BV) holds 24 per cent share in TCS Saudi Arabia, while the balance 76 per cent is held by Tata Consultancy Services Netherlands BV (a wholly owned subsidiary of TCS).
TCS said the centre has expanded from 20 to almost 1,000 women employees over the past seven years, and won several awards including the King Khalid Awards 2019 for 'Responsible Competitiveness' and the 2018 Future of Workplace Awards for 'Best women development and leadership programme'.
The filing said anti-trust approval in Saudi Arabia is being sought for the transaction, which is expected to be completed in 3-6 months.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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First Published: Tue, January 12 2021. 17:04 IST