TCS buys out remaining stake in Brazil JV

India''s biggest software company, Tata Consultancy Services (TCS), has bought out the 49 pc stake held by its Brazilian partner Grupo TBA in its Brazilian joint venture, TCS do Brasil. TCS acquired its partner for $ 33.4 million.

The buyout will enhance the company''s Latin American operations, where it provides services to over 30 clients including ABN Amro, Goodyear, Equifax and Brasil Telecom. TCS had entered the Brazilian market in 2002 through the 51:49 joint venture with Grupo TBA. The latest move is expected to raise its profile.

TCS do Brasil recorded a top line of $ 66.5 million for the year ended March 31, and has over 1,700 employees. The company operates delivery centres in Sao Paulo and Brasilia.
TCS employs over 89,000 people worldwide in 47 countries. The company generated consolidated revenues of $4.3 billion in 2006 / 07.

The company''s sales in Latin American countries soared by more than 200 per cent to $160 million in the last fiscal year. Latin America now represents four per cent of TCS''s global revenues up from 1.9 per cent last year.