Tata Consultancy Services (TCS) on Saturday announced that it has increased its stake from 51 per cent to 100 per cent in the joint venture IT services company TCS do Brasil.
TCS acquired Grupo TBA’s 49 per cent stake for a consideration of $33.4 million. TCS do Brasil recorded a top line of $66.5 million for the year ended March 31, 2007 and has over 1,700 employees. In the synergistic relationship, Grupo TBA brought local market knowledge and client relationships, while TCS contributed world class methodologies, process and quality systems.
Grupo TBA & TCS have also signed a co-operation accord by which they will continue to jointly service clients of the Brazilian market in IT services, consulting and products.