Tata Consultancy Services (TCS) has signed an agreement with GE to buy the latter’s stake in their joint venture, Tata Consultancy Services Saudi Arabia, for $ 12,471 (around 9.14 lakh).
The deal, which requires antitrust approval in Saudi Arabia, is expected to be concluded in six months.
“In view of GE’s planned exit from this partnership, the partners have entered into a definitive agreement subject to closing conditions for the transfer of GE’s stake in the company to TCS,” he said in a statement. regulatory dossier.
As part of the deal, Saudi Desert Rose Holding, a wholly owned subsidiary of General Electric International (Benelux), will sell its 24% stake in TCS Saudi Arabia to TCS Netherlands BV, which owns the remaining 76%.
After the agreement, TCS will assume full ownership of the center, which employs only women.
In 2013, TCS partnered with GE to create the all-female BPO center in Riyadh, which now has nearly 1,000 employees up from 20 over the past seven years.
Launch the Autoscape suite
In addition, TCS has launched the Autoscape suite of solutions to help global manufacturers and other ecosystem players accelerate their initiatives around autonomous and connected vehicles.
“There will be a significant increase in the adoption of connected and autonomous technologies in the years to come, which will pave the way for innovative business models that deliver differentiated user experiences. TCS Autoscape will enable our customers to participate in the great business opportunity within the connected, autonomous, shared and electric ecosystem, to create new services and to define the future of mobility ”, said Susheel Vasudevan, Global Head , Manufacturing and Utilities at TCS.