TCS completes acquisition of GE's stake in its Saudi arm

Source :IANS
Author :IANS
Last Updated: Fri, May 28th, 2021, 10:35:07hrs
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TCS

Mumbai: IT major TCS on Thursday said that it has completed the acquisition of GE's stake in Tata Consultancy Services (TCS) Saudi Arabia.

In a regulatory filing, the company said that the acquisition was completed on May 26.

TCS had announced to acquire the stake in January. The acquisition was to be completed within 3-6 months.

In September 2013, TCS had created of a first of its kind All-Women Business Process Services Center in Riyadh (Saudi Arabia), in partnership with GE.

Saudi Desert Rose Holding BV, a wholly-owned subsidiary of General Electric International (Benelux) BV, held 24 per cent share in TCS Saudi Arabia, while the remaining 76 per cent was with Tata Consultancy Services Netherlands BV (a wholly-owned subsidiary of TCS).

Following the acquisition, TCS owns 100 per cent of the company.
 

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