TCS, Mitsubishi to form software services company

Tata Consultancy Services (TCS), India's largest IT services exporter, has signed a pact with Japan's Mitsubishi Corp to create a Japanese software services provider.

"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 two companies said in a statement on Monday.

TCS will hold 51 per cent while Mitsubishi will hold the remaining 49 per cent of the entity, which will be operational from July 2014, they said.

Shares of TCS were trading 0.39 per cent higher at Rs 2,226 on the Bombay Stock Exchange.

(Reuters)