TCS JV with Chinese Govt to commence within three months
Mumbai, Mar 22 (UNI) Indian IT major and Tata group bluechip Tata Consultancy Services' (TCS) CEO and Managing Director S Ramadorai today revealed that its joint venture with the Chinese government and Microsoft as partners, was well on course to commence its operations within the next three months.
TCS will be holding a 65 per cent stake in this JV while the rest will be held by the Chinese government and Microsoft.
''Our JV in China will commence operations in the first quarter of next fiscal (FY 07),'' Mr Ramadorai here today said.
TCS also has a 350 personnel strong development centre functional in China presently focussing on MNCs operating there and a few Chinese banking clients.
The new JV will be kick-started initially with 400 personnel and ''will be scaled up gradually to 4,000 to 5,000 over the next four to five years,'' Mr Ramadorai said.
Speaking about the business potential in the Chinese market, the TCS chief said that there was a huge opportunity waiting to be tapped there in terms of government-controlled organisations, MNCs operating in that country, provincial governments and local businesses as well.
''The financial sector holds exciting possibilities,'' he said, adding that with China opening up its markets including its financial sector, ''We scent immense opportunities in the banking, depositories and capital markets segments.'' With the Chinese government focussed on making the 2010 Olympic Games to be held in Beijing a success, he foresaw tremendous IT initiatives being undertaken by its government and TCS would focus on those segments, he added.
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