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TCS Expands in Israel's Public Sector: Hosts Minister of Economy at Mumbai Campus

Posted On : 2023-04-20 14:50:29( TIMEZONE : IST )

TCS Expands in Israel's Public Sector: Hosts Minister of Economy at Mumbai Campus

Tata Consultancy Services (TCS) (BSE: 532540, NSE: TCS) hosted Israel's Minister of Economy and Industry, Nir Barkat at TCS' facility in Mumbai, as part of his official visit to India.

The Israeli delegation also included Amnon Merhav, Director General of the Ministry of Economy and Industry and Ohad Cohen, Trade Commissioner and Director of the Foreign Trade Administration. The ministry's delegation was received by K Ananth Krishnan, Chief Technology Officer, TCS, Sumanta Roy, Head of TCS Middle East and Africa, and Chen Kamer, CEO, TCS Israel.

The meeting centered around strengthening the cooperation between Israel's government bodies and TCS. The delegates were taken on a tour of the state-of-the-art facility, including an executive briefing center that features some of TCS' most impactful transformation stories.

TCS is working in Israel's public sector on several key digital transformation initiatives, including Project Nimbus, which aims to migrate Israeli ministries' and authorities' operations and data to a safe and secure cloud environment. As part of Nimbus, TCS has been selected by the country's Ministry of Economy, Prime Minister's Office, and Water Authority, among others, to drive their cloud transformations.

TCS' flagship engagement in Israel has been the setting up of the TCS Banking Services Bureau (BSB) in collaboration with the Ministry of Finance, to encourage the entry of new digital banks that would boost competition, spark innovation, and rejuvenate the country's banking sector. TCS BSB is a shared, end-to-end digital banking operations platform powered by TCS BaNCS™, that start-up banks can easily plug into, to launch their operations quickly and securely.

Nir Barkat, Israel's Economy and Industry Minister,said, "India is on its way to become the world's 3rd largest economy. We will further a new business development agreement that will allow us to enjoy the benefits and strengths of both economies. India is a strategic partner to Israel and Indians are allies to the Jewish people. I thank the Indian government and people for this warm welcome and for their true friendship with the state of Israel and its people. The Indian market contains huge opportunities for Israel, and it is my wish to further increase groundbreaking collaborations with my Indian colleagues, that will allow an increase trade and partnerships between Israeli and Indian companies. Both India and Israel share a vision of human innovation and excellence, groundbreaking ideas, and international partnership to achieve success and prosperity. I was glad to be hosted in the main headquarters of TCS, India's largest technology company, as part of my official visit to Mumbai. We are committed to help both Israeli and Indian companies to further collaborate and deepen the connection between our two states through the economy."

Ananth Krishnan, CTO, TCS, said: "TCS has a strong interest in the Israeli technology, innovation, and startup ecosystem. We see many opportunities to partner with Israeli companies and government bodies for mutual benefit. We will continue to expand our presence and deepen our relationships with existing clients in Israel, towards building greater futures through innovation and collective knowledge."

Chen Kamer, CEO, TCS Israel, said: "TCS was one of the first Indian tech companies to establish a presence in Israel more than 15 years ago. We work closely with several ministries and authorities in Israel, helping them harness the power of digital technologies such as cloud, to drive superior outcomes. We are pleased to take yet another step to strengthen the bond between TCS and the Israeli market. I believe this course will continue and increase in the coming years."

Present in Israel since 2005, TCS helps some of the largest organizations in the region define the blueprint for their business transformation, innovate and adopt new technologies to improve operational resilience, embrace new business models, and enhance customer experience. TCS' approximately 1,100 employees based in Petah Tikvah, Jerusalem, and India work with clients in the banking and financial services, travel and transport, public services, hi-tech, retail and manufacturing industries, bringing the latest innovations to enable them to stay ahead of the curve.

Shares of Tata Consultancy Services Limited was last trading in BSE at Rs. 3088.70 as compared to the previous close of Rs. 3131.30. The total number of shares traded during the day was 185687 in over 18011 trades.

The stock hit an intraday high of Rs. 3132.05 and intraday low of 3072.35. The net turnover during the day was Rs. 576077513.00.

Source : Equity Bulls


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