TCS enters joint venture with Thailand company
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Mumbai: Indian IT major Tata Consultancy Services (TCS) has formed a joint venture (JV) with the Bangkok-based Thai Re-Insurance Public (Thai Re) to set up a company called Firstech Solutions, reported Business Line. The JV company will offer IT outsourcing services to insurance providers in Thailand, using an applications service provider (ASP) model, said a TCS spokesperson. In Firstech, 20 percent of the stake will be with TCS, while the remaining 80 percent will be with Thai Re, the spokesperson added. Thai Re is a professional re-insurer with Baht 2.2 billion in equity. The JV company has already won a five-year IT outsourcing deal with Falcon Insurance, making Falcon the first insurance company to outsource using the ASP model. Thailand has become an attractive destination for TCS due to the plethora of MNCs that have set up shop in Thailand. TCS is also setting up a subsidiary in Thailand. It has received approval from Thailand?s Board of Investment to invest 32 million Baht ($1,016,485) in the IT sector of Thailand, the spokesperson said.
Source: IANS
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