TCS to build forex trading platform for Bank of China; sets up JV in Beijing

Our Corporate Bureau
13 February 2007

Mumbai: Tata Consultancy Services (TCS), which has secured the contract for setting up the China foreign exchange trade system under the Chinese central bank, has announced the launch of a joint venture in China.

The joint venture, called Tata Consultancy Services (China) Co Ltd, located at Beijing's Zhongguancun Software Park, will provide IT services and solutions to China's domestic market as well as major markets, particularly Japan and the rest of Asia-Pacific region, the US and Europe.

The joint venture will leverage experience and resources of the Chinese partners, which run the national software development parks. "It is an extremely satisfying moment, the beginning of our presence in China," S Ramadorai, managing director and CEO of TCS, said.

"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 has successfully completed five years in China and the new JV is the next step in our long journey in China," said Ramadorai. "The JV will help to create a large scale global offshoring base in China and domestic business of increasing scale. We look forward to working closely with our Chinese partners, supported by the National Development and Reforms Commission to meet the expectations of our shareholders and customers," he added.

Speaking at the inauguration, Madam Song Ling, chairperson of TCS China, said: "The joint venture leverages the strengths of the different partners in technology, software development, and consulting, including the best-of-class processes and practices of TCS. It will also leverage experience and resources of the Chinese partners, which run the National Software Export Base. TCS China is set to become a role model for the Chinese IT industry."