MUMBAI India's largest IT services exporter Tata Consultancy Services(TCS.NS) has signed a pact with Japan's Mitsubishi Corp to create a Japanese software services provider, the companies said in a statement on Monday.
Tata Consultancy Services Japan Ltd, Nippon TCS Solution Center Ltd and IT Frontier Corporation - a wholly owned unit of Mitsubishi - will be merged together to form a single entity, the pair said in the statement.
TCS will hold 51 percent while Mitsubishi will hold the remaining 49 percent of the entity, which will be operational from July 2014, they said.
(Reporting by Nandita Bose; Editing by Christopher Cushing)
Trending On Reuters
State Bank of India, the nation's top lender by assets, posted better-than-expected quarterly bad debt levels on Friday and said it now expected an improvement, a long-awaited sign of easing pressure that helped its shares jump over five percent. Read | Full Coverage
Gold demand slows as China eyes equities; lack of weddings in India weighs Full Article