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TCS buys out Singapore Airlines' stake in joint venture
Wednesday, 10 March 2004, 20:30 IST
NEW DELHI: Tata Consultancy Services (TCS), India's largest software firm, said Tuesday it had bought out the stake of Singapore Airlines in a joint venture company that focusses on developing software for the aviation industry.
Tata Sons, the promoter of TCS, paid 
140.25 million to Singapore Airlines for its 51 percent stake in Aviation Software Development Consultancy (ASDC) India, a Tata group statement said.
The Chennai-based ASDC was set up in 1996 primarily to provide SIA with specialised skills for developing and maintaining airline related software applications.
The company also provides IT services and solutions to other airlines and aviation-related companies.
"The acquisition of Aviation Software Development Consultancy is the second significant acquisition following our acquisition of Airline Financial Services last year," said S. Ramadorai, chief executive officer of TCS.
"ASDC will strengthen our offerings to the transportation industry at large and we will leverage the assets developed through our pervasive marketing network," he added.
ASDC has 180 employees with Singapore Airlines being the major client. TCS has over 27,000 professionals working at over 100 branches in 32 countries and five continents.
Source: IANS
140.25 million to Singapore Airlines for its 51 percent stake in Aviation Software Development Consultancy (ASDC) India, a Tata group statement said.
The Chennai-based ASDC was set up in 1996 primarily to provide SIA with specialised skills for developing and maintaining airline related software applications.
The company also provides IT services and solutions to other airlines and aviation-related companies.
"The acquisition of Aviation Software Development Consultancy is the second significant acquisition following our acquisition of Airline Financial Services last year," said S. Ramadorai, chief executive officer of TCS.
"ASDC will strengthen our offerings to the transportation industry at large and we will leverage the assets developed through our pervasive marketing network," he added.
ASDC has 180 employees with Singapore Airlines being the major client. TCS has over 27,000 professionals working at over 100 branches in 32 countries and five continents.
Source: IANS