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TCS Completes Acquisition Of GE's Stake In Its Saudi Arabian Arm
TCS logo (Pic Via Wikipedia)
IT major TCS on Thursday (27 May) said that it has completed the acquisition of GE's stake in Tata Consultancy Services (TCS) Saudi Arabia.
In a regulatory filing, the company said that the acquisition was completed on 26 May.
TCS had announced to acquire the stake in January. The acquisition was to be completed within 3-6 months.
In September 2013, TCS had created of a first of its kind All-Women Business Process Services Center in Riyadh (Saudi Arabia), in partnership with GE.
In January, TCS had said it will assume full responsibility of the centre upon completion of the required governance and business changes to effect this transition.
This, it had said, would secure the centre's viability in the longer term and allow it to continue to serve as a source of opportunity and skills development for women in the country, reports Times of India.
Saudi Desert Rose Holding BV, a wholly-owned subsidiary of General Electric International (Benelux) BV, held 24 per cent share in TCS Saudi Arabia, while the remaining 76 per cent was with Tata Consultancy Services Netherlands BV (a wholly-owned subsidiary of TCS).
Following the acquisition, TCS owns 100 per cent of the company.
(With inputs from IANS)
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