TCS acquires General Electric’s stake in TCS Saudi Arabia
IT major, Tata Consultancy Services (TCS) confirms today, that it has completed the acquisition of GE’s stake in Tata Consultancy Services Saudi Arabia.
In the month of January 2021, the company had announced that it will acquire GE’s stake in Tata Consultancy Services Saudi Arabia for USD 12,471.
“The acquisition was to be completed within 3-6 months…acquisition of GE’s stake in Tata Consultancy Services Saudi Arabia has been completed on May 26, 2021,” TCS said in a regulatory filing.
In September 2013, TCS had announced the creation of an all-women business process services centre in Riyadh (Saudi Arabia) in partnership with GE. In January, TCS had said it will assume full responsibility for the centre upon completion of the required governance and business changes to effect this transition.
This, it had said, would secure the centre’s viability in the longer term and allow it to continue to serve as a source of opportunity and skills development for women in the country.
Previously, Saudi Desert Rose Holding BV (wholly owned subsidiary of General Electric International (Benelux) BV) held 24 per cent share in TCS Saudi Arabia, while the balance 76 per cent was held by Tata Consultancy Services Netherlands BV (a wholly owned subsidiary of TCS)