TCS wins multi-million dollar contract in China

Tata Consultancy Services (TCS) and its Chinese partners announced the inauguration of TCS China at its new premises at the state-of-the-art Z-Park in Beijing.

TCS also announced today that it has won a significant multi-million dollar contract to implement a comprehensive international trading system for China Foreign Exchange Trade System (CFETS), which is a sub-institution of the People’s Bank of China. Further financial details were not provided.

The inauguration of the joint venture signals the official launch of China’s first large scale outsourcing technology company.

TCS Asia Pacific owns the majority of the joint venture with a 65 per cent stake. The three Chinese partners - Beijing Zhongguancun Software Park Development Co., Ltd., Uniware Co.,Ltd., and the Tianjin Huayuan Software Area Construction and Development Co., Ltd. - supported by NDRC hold 25 per cent with Microsoft expected to take up the remaining 10 per cent.

TCS China will focus on Financial Services, Manufacturing, Telecom as well as the Government sector, providing IT outsourcing services and solutions to the Chinese domestic market as well as the global MNC customers.

TCS pioneered the entry of Indian IT industry in China in 2002 and remains at the forefront of that thrust with 800 consultants in China. The company says it conservatively hopes that number to reach 5,000 in the next five years.

TCS’ latest deal with CFETS is another significant step in providing significant global solutions for major financial institutions in China. The proposed solution will be based on TradeX – TCS’ futuristic Trading Solution. The deal paves the way for TCS to implement a forward-looking CNY (China Renminbi) trading system for CFETS.