Mumbai: UK’s NEST Corporation, the trustee body of National Employment Savings Trust or NEST announced on Friday that a £600 million contract awarded to India’s Tata Consultancy Services Ltd has been confirmed post a review by the new government in power. The contract involves managing the IT infrastructure related to administration of the state pension scheme and will last until 30 June 2020, with an option to extend for up to five years beyond then.
The project came under a cloud of speculation earlier this year, ahead of the June elections in that country as the contract was awarded by the Labor Party government towards at the fag end of its term in office. In the run-up to the elections, the Conservative Party, the main opposition, had announced that if they came to power they would review the contract. Post the elections in June, a Conservative-led coalition government took over from the Labor Party government.