Microsoft picks up 10 pc equity in TCS China
Mumbai, Nov 23: Microsoft Corporation has become a strategic investor in TCS China with a 10 per cent equity stake in the company.
Accordingly, Microsoft has signed a tripartite investment agreement with Tata Consultancy Services(TCS) and its Chinese partners, supported by the National Development and Reforms Committee (NDRC)to be a strategic investor in TCS China.
An official release jointly issued by TCS and its Chinese partners said the agreement was signed at an Indo-Chinese business forum which had been addressed by President Hu Jintao earlier.
The entry of Microsoft follows the granting of the business operating license to TCS China.
TCS China will focus on BFSI, Manufacturing, Telecom as well as the Government sector. It has over 25 customers in China with a very high customer satisfaction index. It is implementing a Core Banking Solution in Huxia Bank through its FNS Sydney subsidiary which expects to win more deals in the growing Chinese banking market, the release added.
The JV will focus on key technologies with Centres of Excellence in Microsoft, the release noted.