India, China sign up for IT
By siliconindia | Wednesday, 14 February 2007, 06:00 Hrs
Beijing: Tata Consultancy Services (TCS), India's top IT company has secured a major contract with the prestigious China Foreign Exchange Trade System under the Chinese central bank. Launched a joint venture in China that will be christened Tata Consultancy Services (China) Co., it will provide IT services and solutions to China's domestic market as well as major markets particularly Japan as well as the rest of Asia-Pacific region, US, and Europe."It is an extremely satisfying moment, the beginning of our presence in China," said TCS Managing Director and CEO, S. Ramadorai. Located in Beijing's Zhongguancun Software Park, it will also leverage experience and resources of the Chinese partners, which run the national software development parks. "The JV will add momentum to the software industry," Ramadorai said adding "I believe that we have a lot to contribute and to build capabilities". TCS Asia-Pacific owns 65 percent of the venture while Beijing Zhongguancun Software Park Development Co, Tianjin Huayuan Software Area Construction and Development Co and Uniware Co each hold 25 percent, with Microsoft expected to take the remaining 10 percent. TCS and International Business Machines Corp (IBM) announced winning a $100 million deal to upgrade the computer systems at Bank of China earlier this month. The trend for Indian Software comapnies eyeing China to run their operations seems to be on the rise. Earlier Satyam Computer Services, India's fourth-largest software exporter hinted at increasing its presence in China to more than 3,000 professionals by 2008 and Infosys assured an investment of $65 million by 2010.