Mumbai based IT services major TCS on Thursday said that it had completed the acquisition of General Electric’s (GE) stake in TCS Saudi Arabia.
TCS said in a regulatory filing that the acquisition, announced in January this year, had been completed on May 26, 2021.
The TCS-GE partnership in Saudi Arabia extends back to September 2013, when TCS said it would create an all-women business process services center in Riyadh in partnership with Saudi Aramco and GE. In a span of seven years the facility had expanded to over 1,000 women employees.
However, in January GE announced that it would exit the partnership and entered into an agreement with a closing condition that GE’s stake would be transferred to TCS.
“On completion of required governance and business changes to effect this transition, TCS will assume full responsibility of the Women’s Center, securing its viability in the longer term,” TCS had said in a regulatory filing on January 12th.
Saudi Desert Rose Holding held 24% of the stake while the remaining 76% was held by TCS subsidiary TCS Netherlands. Saudi Desert Rose Holding operated as a subsidiary for General Electric International (Benelux).
Earlier, on 21st May TCS launched a co-innovation and advanced research center in Amsterdam to address the European enterprise digital transformation market. The co-innovation centre, called the TCS Pace Port Amsterdam, is its third, after New York and Tokyo. The centre will bring together an ecosystem of partners from academia, government institutions, start-ups and technology providers along with rapid prototyping capabilities, TCS said.
The same day, TCS also announced a new CFO in Samir Seksaria. Seksaria had joined TCS in 1999 and has been a part of consulting assignments involving regulatory compliance and M&A spin-offs, said a statement issued by the company.