TCS wins CFETS contract for international trading system

Kolkata, Feb 13 (UNI) TCS, a leading IT and consulting company, today 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.

A company release said here today that Tata Consultancy Services has also announced inauguration of a Z-Park in Beijing.

TCS China is only one of its kind JV in that country and was being supported by NDRC. It signifies growing Sino-India Cooperation in Technology, as enunciated by President Hu Jintao.

''TCS has successfully completed five years in China and the new JV is the next step in our long journey,'' TCS CEO Ramadorai said.

The JV would help 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,'' he added.

TCS Asia Pacific owns the majority of the joint venture with a 65 per cent stake. The three Chinese partners, supported by NDRC hold 25 per cent with Microsoft expected to take up the remaining 10 per cent. TCS China would focus on Financial Services, Manufacturing, Telecom as well as the Government sector, providing IT outsourcing services and solutions to the Chinese domestic market as well as the global MNC customers.

Tata Consultancy Services Limited (TCS) is the world leading Information Technology consulting services.

UNI