TCS starts China JV with Bank of China deal

Tata Consultancy Services (TCS), and its Chinese partners - Beijing Zhongguancun Software Park Development, Uniware, and the Tianjin Huayuan Software Area Construction and Development - supported by the National Development and Reforms Commission (NDRC), today inaugurated TCS China's premises at Z-Park in Beijing.

TCS China is a one of its kind JV in China and is being supported by NDRC and signals the official launch of China's first large scale outsourcing technology company.

TCS also announced today that it has won a significant multi-million dollar contract to implement a comprehensive international trading system for China Foreign Exchange Trade System (CFETS), which is a sub-institution of the People's Bank of China.

S Ramadorai, CEO & MD of TCS said: "The JV will help to create a large scale global offshoring base in China and domestic business of increasing scale. We look forward to working closely with our Chinese partners, supported by the National Development and Reforms Commission to meet the expectations of our shareholders and customers."

TCS Asia Pacific owns the majority of the joint venture with a 65% stake. The three Chinese partners, supported by NDRC hold 25% with Microsoft expected to take up the remaining 10%.