Existing contracts at 3-5% higher rates: TCS

New Delhi, Nov 24 (UNI) The software services provider Tata Consultancy Services Ltd (TCS) today said its existing contracts were being negotiated for renewal at 3-5 per cent higher rates.

''We are getting new contracts at 5-10 per cent higher billing rates,'' company's Chief Executive Officer S Ramadorai told reporters here.

In addition, TCS China would be ramping its headcount to 4,000-5,000, within the next 3-5 years from the current 500 professionals.

Microsoft Corporation yesterday became a strategic investor in TCS China taking a 10 per cent equity stake in the company.

TCS China will focus on BFSI, manufacturing, telecom as well as the government sector and would service the Chinese market.

China would continue to be the strategic delivery location, Mr Ramadorai added.

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