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TCS hikes Stake in JV with Mitsubishi Corporation

Posted On: 2019-06-24 21:35:29

Tata Consultancy Services (TCS) (BSE:532540, NSE:TCS), a leading global IT services, consulting and business solutions organization, announced that it is increasing its holding in TCS Japan Ltd, its joint venture with Mitsubishi Corporation (MC), one of Japan's largest integrated business enterprises.

Following the stake hike, TCS will hold 55 per cent equity in TCS Japan - up from 51 per cent, when the joint venture was established in July 2014 - and MC will hold 34 per cent. Both partners reiterated their commitment to the market, and to the success of the joint venture. Current governance of operations and management will remain unchanged by the share acquisition.

The increased equity is the latest in a series of investments that TCS has made in recent years to cater to the specific needs of Japanese corporations. To augment the local workforce and gain scale, a Japan-centric Delivery Center (JDC), with enhanced language support and heavy localization of global business practices, was set up in 2015 within TCS Sahyadri Park in Pune, India. More recently, TCS chose Tokyo to set up its inaugural Pace Port'", a creative hub to catalyze technology-led business innovation for Japanese customers.

Leveraging a unique hybrid model combining deep domain knowledge, technology expertise, and strong global and local execution, TCS Japan has achieved double-digit revenue growth in constant currency terms in each of the last two years, making it one of the fastest growing IT services firms in its class in Japan.

"We are pleased to note that Mitsubishi Corporation is now more assured of the partnership, having experienced TCS' services as a customer over the last 5 years, and that both companies continue their strong collaboration to grow the business together. Our joint venture has been a game-changer in the Japanese market, bringing scale and impact as companies look for technology partners that can help them ride the waves of digitalization and heightened global competition," said Amur S Lakshminarayanan, President and CEO, Representative Director, TCS Japan. "TCS' enhanced stake is a reflection of our steadfast commitment to our customers and our associates in Japan, and our longer term vision for the market. As our joint venture continues to grow in scale and sophistication, we look forward to playing a bigger role in our customers' transformation journeys to become Business 4.0 ready."

Shares of TATA CONSULTANCY SERVICES LTD. was last trading in BSE at Rs.2275 as compared to the previous close of Rs. 2249.95. The total number of shares traded during the day was 83606 in over 3116 trades.

The stock hit an intraday high of Rs. 2279.9 and intraday low of 2250. The net turnover during the day was Rs. 189466266.


Source: Equity Bulls

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