Tata Consultancy Services (TCS) has signed an agreement with GE to buy the latter's stake in their joint venture firm, Tata Consultancy Services Saudi Arabia, for $12,471 (about ₹9.14 lakh).
The deal, which requires anti-trust approval in Saudi Arabia, is expected to be completed in six months.
“Given 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 venture to TCS,” it said in a regulatory filing.
Under the deal, Saudi Desert Rose Holding, a wholly-owned subsidiary of General Electric International (Benelux), will sell its 24 per cent share in TCS Saudi Arabia to TCS Netherlands BV, which holds the balance 76 per cent.
Post deal, TCS will assume full ownership of the centre, which employs only women.
In 2013, TCS joined hands with GE to establish the all-women BPO centre in Riyadh, which has expanded to almost 1,000 employees from 20 over the past seven years.
Launches Autoscape suite
Separately, TCS has launched the Autoscape solution suite 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 coming years that will pave the way for innovative business models that deliver differentiated user experiences. TCS Autoscape will enable our customers to participate in the large business opportunity within the connected, autonomous, shared and electric ecosystem, to create new services, and define the future of mobility,” said Susheel Vasudevan, Global Head, Manufacturing and Utilities at TCS.