TCS buys out Brazilian JV partner for $33.4 mln

New Delhi, May 26: Tata Consultancy Services (TCS), country's leading software exporter, has picked up 100 per cent stake in its joint venture IT services company TCS do Brasil for 33.4 million dollars.

TCS entered the emerging high growth Brazilian market through a 51:49 joint venture with Grupo TBA in 2002. It has increased its stake from 51 to 100 per cent in the JV, a statement said.

TCS do Brasil recorded a top line of 66.5 million dollars for the year ended March 31, 2007 and has over 1,700 employees.

The company operates delivery centers in Sao Paulo and Brasilia and provides services to over 30 clients including ABN Amro, Goodyear, Equifax and Brasil Telecom, among others.

Grupo TBA and TCS have also signed a cooperation accord by which they will continue to jointly service clients, in areas of complementary services, offering to the Brazilian market a full services capability in IT services, consulting and products, the company added.

UNI