India's biggest outsourcing firm Tata Consultancy Services (TCS) and
Japan's Mitsubishi Corp said Monday they are teaming up to create a
Japanese software services provider with annual revenues of $600
million.
Tata Consultancy Services Japan, Nippon TCS Solution Center and IT Frontier Corp — a Mitsubishi unit — will merge to create the provider under the agreement slated to close in June.
"This strategic transaction signifies our serious commitment to the Japan market," TCS Chief Executive N Chandrasekaran said in a joint statement with Mitsubishi.
TCS Japan will initially hold a 51 per cent stake in the new company while Mitsubishi Corp will hold 49 per cent. TCS Japan will have an option to raise its holding later.
Tata Consultancy Services Japan, Nippon TCS Solution Center and IT Frontier Corp — a Mitsubishi unit — will merge to create the provider under the agreement slated to close in June.
"This strategic transaction signifies our serious commitment to the Japan market," TCS Chief Executive N Chandrasekaran said in a joint statement with Mitsubishi.
TCS Japan will initially hold a 51 per cent stake in the new company while Mitsubishi Corp will hold 49 per cent. TCS Japan will have an option to raise its holding later.
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