TCS to expand China facility by June 2003
Tuesday, 24 December 2002, 20:30 IST
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BANGALORE: India's largest software exporter, Tata Consulting Services (TCS), will be expanding its Shanghai software development centre by hiring 125 more Chinese software engineers in the next six months. The $880 million IT software and services company set up a subsidiary called Tata Shanghai IT company and has already hired 25 Chinese software engineers and posted 15 Indian engineers. "GE Capital, our old client, wanted to expand in China and asked us to set up our facility there. As more of our U.S. customers head to China, we will expand our facility there," says Girija Pande, regional director, Asia Pacific, TCS. "China is a big market. It doesn't serve anybody's purpose by staying away from that market. After all, in our case, our clients want to go there and we are there for them," Pande added. TCS' banking and financial services industry practice has notched up big names in the global financial arena as customers, including ABN Amro Bank, American Express, Citibank, Fidelity investments, HSBC group, ING group, and JP Morgan Chase. With 40 percent of the revenue coming from the financial services sector, TCS plans to expand its staff strength at its Bangalore set up from 2,300 to 5,000 by December 2003, said N.G. Subramaniam, vice president and head, banking industry practice. Over 12,000 people are involved in the financial services practice of TCS. "There is significant growth in the banking and financial sector because everyone is looking to cut costs. Even engineering services are growing with a lot of government engagements," Subramaniam added. "We will be growing above the industry average." TCS' plans to go public have been delayed because of market conditions.
Source: IANS
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