TCS to acquire GE’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 $12,471 (about Rs 9.13 lakh). In September 2013, TCS NSE -0.88 % 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.