TCS hikes stake to 66% in Japanese JV with $32.6 million investment1 min read . Updated: 24 Jun 2019, 06:41 PM IST
- The current governance of operations and management will remain unchanged by the share acquisition
- The joint venture was established in July 2014
NEW DELHI : IT services major Tata Consultancy Services (TCS) Monday said it is increasing its holding to 66 per cent in TCS Japan Ltd - its joint venture with Mitsubishi Corporation (MC) - with an investment of 3.5 billion yen (USD 32.6 million or ₹226.2 crore).
"The company through TCS APAC, is acquiring 15 per cent stake from MC in TCS Japan for a total consideration of JPY 3.5 billion (about USD 32.6 million) and consequently, the holding of TCS APAC in TCS Japan will go up from the current 51 per cent to 66 per cent," TCS said in a BSE filing.
The current governance of operations and management will remain unchanged by the share acquisition, it added.
The joint venture was established in July 2014.
"Our joint venture has been a game-changer in the Japanese market, bringing scale and impact as companies look for technology partners that can help them ride the waves of digitalisation and heightened global competition," TCS Japan President and CEO, Representative Director, Amur S Lakshminarayanan said.
TCS Japan has achieved double-digit revenue growth in constant currency terms in each of the last two years making it one of the fastest growing lT services firms in its class in Japan, the statement said.
To augment the local workforce and gain scale, a Japan-centric delivery centre (JDC) - with enhanced language support and heavy localisation of global business practices - was set up in 2015 within TCS Sahyadri Park in Pune, lndia.
Also, TCS set up its inaugural Pace Port - a creative hub to catalyse technology-led business innovation for Japanese customers in Tokyo.
This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.