Mitsubishi, TCS to form software services firm

Mitsubishi, TCS to form software services firm

India’s largest IT services exporter Tata Consultancy Services (TCS) on Monday said it has signed definitive agreements with Japan’s Mitsubishi Corporation to merge TCS Japan and Nippon TCS Solution Centre with the latter’s 100 per cent subsidiary, IT Frontier Corporation, to form a new single entity.

TCS said the company will hold 51 per cent in the new merged entity, while the balance 49 per cent will be with Mitsubishi Corp. The new entity to be operational from July 2014 will employ over 2,400 people in a year and will have over $600 million in revenue during the same period.

TCS MD& CEO N Chandrasekaran said:  “The strategic transaction signifies our serious commitment to the Japan market. TCS will now have the scale, strong local presence and our full range of global capabilities to serve the Japanese corporations effectively and accelerate our growth in Japan market.”

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