Tata Consultancy Services to buy GE's stake In Tata Consultancy Services Saudi Arabia1 min read . Updated: 12 Jan 2021, 03:57 PM IST
- In 2013, TCS in partnership with GE created the first of its kind 'All-Women Business Process Services Center' in Riyadh
The country's largest software services firm Tata Consultancy Services(TCS) today said that it has entered into an agreement with GE for the transfer of the latter's stake in joint venture.
In a regulator filing TCS said, "On completion of required governance and business changes to effect this transition, TCS will assume full responsibility of the Women’s Center, securing its viability in the longer term and allowing it to continue to serve as a source of opportunity and skills development for women in the country". "Given GE’s planned exit from this partnership, the partners have entered into a definitive agreement subject to closing conditions for transfer of GE’s stake in the venture to TCS," it added.
In 2013, TCS in partnership with GE created the first of its kind All-Women Business Process Services Center in Riyadh (Saudi Arabia).
TCS said," Over the past seven years, the center has expanded from 20 to almost 1000 women employees and won several awards including the King Khalid Awards 2019 for ‘Responsible Competitiveness’ and the 2018 Future of Workplace Awards for ‘Best women development and leadership programme."
The stock closed at ₹3,172, a loss of 0.14 per cent on the BSE.
The company reported a 7.2% jump in December quarter net on a consolidated basis.
"Growing demand for core transformation services and strong revenue conversion from earlier deals have driven a powerful momentum that helped us overcome seasonal headwinds and post one of our best performances in a December quarter," Rajesh Gopinathan, chief executive officer and managing director of TCS, said.
He added that the company is entering the new year on an "optimistic note" and its market position stronger than ever before.