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India's TCS wins 850 mln dlr pension outsourcing business from UK group

Posted by iTech - 2005-10-19

Tata Consultancy, India's leading software exporter, said it had won a 480 million pound (847 million dollar) outsourcing contract from Britain's Pearl Group insurers for a 12-year-period.
Tata Consultancy (TCS) said Tuesday 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 Mumbai stock exchange.

The new subsidiary will specialise in business process outsourcing for life and pension businesses starting with Pearl Group. It will also manage businesses of other insurance companies.

"The deal will generate revenues of over 480 million pounds (847 million dollars) 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."

On the Mumbai stock exchange, shares of TCS rose 1.26 percent or 18.10 rupees to 1,451.95 after the company issued the statement.

Last week TCS announced a second quarter net profit rise of 21 percent from a year ago driven by new businesses from existing clients.

Tata Consultancy net profit rose to 6.93 billion rupees (157 million dollars) in the quarter ending September 30, 2005 from 5.74 billion rupees (131 million dollars) a year ago.

Total second quarter revenue rose 21.8 percent to 29.82 billion rupees (677 million dollars) compared to 24.48 billion rupees a year ago.

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