IT major TCS to acquire General Electric’s stake in TCS Saudi Arabia

IT major Tata Consultancy Services (TCS) on Tuesday said it will acquire GE’s stake in Tata Consultancy Services Saudi Arabia for USD 12,471 (about Rs 9.13 lakh).

In September 2013, TCS announced the creation of an all-women business process services centre in Riyadh (Saudi Arabia) in partnership with GE.

“Given GE’s planned exit from this partnership, the partners have entered into a definitive agreement subject to closing conditions for transfer of GE’s stake in the venture to TCS,” a regulatory filing said.

On completion of required governance and business changes to effect this transition, TCS will assume full responsibility of the centre, it added.