NEW DELHI: IT major Tata Consultancy Services (TCS) on Thursday said That It has completed the Purchase of GE’s stake in Tata Consultancy Services Saudi Arabia.
Back in January this year, TCS had stated it is going to get GE’s stake in Tata Consultancy Services Saudi Arabia to get USD 12,471 (roughly Rs 9.
13 lakh).
“The purchase was completed in 3-6 months.
.
.
acquisition of all GE’s stake in Tata Consultancy Services Saudi Arabia was finished on May 26, 2021,” TCS said in a regulatory filing on Thursday.
Back in September 2013, TCS had declared the introduction of an all-women business process services center in Riyadh (Saudi Arabia) in partnership with GE.
Back in January, TCS had stated it’ll assume whole responsibility of the facility upon conclusion of the necessary governance and company adjustments to affect this transition.
It had stated, would fasten the center’s viability in the longer period and permit it to continue to function as a source of opportunity and skills development for girls in the nation.
Formerly, Saudi Desert Rose Holding BV (wholly owned subsidiary of General Electric International (Benelux) BV) held 24 percent share in TCS Saudi Arabia, although the equilibrium 76 percent was held by Tata Consultancy Services Netherlands BV (a wholly owned subsidiary of TCS).
