TCS floats JV to develop portal for MP govt

Tata Consultancy Services Ltd (TCS) has signed a joint venture agreement with Madhya Pradesh State Electronic Development Corporation, a wholly-owned corporation of the government of Madhya Pradesh, to set up a joint venture company for the development, maintenance and management of a portal for providing e-governance services to the citizens of Madhya Pradesh.

According to a release issued by TCS to the BSE today, the company will hold 89% of the equity capital of the JV company. "The board has approved an investment of up to Rs 6.30 crore in the joint venture company," the release added.