TCS Saudi Arabia, GE
Tata Consultancy Services (TCS) said that it has completed the acquisition of GE’s stake in TCS Saudi Arabia.
The IT major said that the acquisition was completed on May 26, as per the regulatory filing.
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 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 a 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.