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India's Tata Consultancy wins 480 mln stg UK Pearl Group outsourcing business
Tata Consultancy (TCS), India's leading software exporter, said it has won a 480 mln stg outsourcing contract from Britain's Pearl Group PLC insurers for a 12-year-period.
TCS said the British group will transfer its entire existing business processes to a new TCS subsidiary proposed to be set up in Britain to manage the new acquisition.
"The agreement will mean that a new company, a subsidiary of TCS, will be set up and employ about 950 of Pearl group's current 1,100 staff," TCS said in a statement to the Bombay stock exchange.
The new subsidiary will specialize in business process outsourcing for life and pension businesses starting with the Pearl Group. It will also manage businesses of other insurance companies.
"The deal will generate revenues of over 480 mln pounds (847 mln usd) over the next 12 years," TCS said.
"This deal validates our strategy of pioneering the next generation of Business Process Outsourcing opportunities," S Ramadorai, chief executive officer of TCS, said in the statement.
"Our extensive experience working in the insurance industry, together with our excellence in technology, will help us emerge as a significant player in life assurance and pensions administration services and help us continue our strong growth momentum."
TCS shares rose 18.10 rupees or 1.26 pct to 1,451.95, after the company issued the statement.
Last week TCS announced a 21 pct year-on-year increase in second-quarter net profit driven by new businesses from existing clients.
Its net profit rose to 6.93 bln rupees in the quarter ending September from 5.74 bln rupees a year ago.
Total second-quarter revenue rose 21.8 pct to 29.82 bln rupees compared to 24.48 bln rupees a year ago.
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