TCS completes acquisition of GE stake in TCS Saudi Arabia – tcs completes acquisition of ge stake in tcs saudi arabia
The company said in January this year that it would acquire GE’s stake in Tata Consultancy Services Saudi Arabia for $ 12,471 (about Rs 9.13 lakh).
“The acquisition was to be completed within three to six months. The acquisition of GE’s stake in Tata Consultancy Services Saudi Arabia was completed on May 26, 2021,” the company said in a regulatory notice on Thursday.
TCS said in January that it would take full responsibility of the center after the completion of necessary governance and business changes. Earlier in September 2013, TCS announced GE’s participation in Riyadh (Saudi Arabia) to create a fully women-run business process services center.
Earlier TCS Saudi Arabia had a 24 percent stake in Saudi Desert Rose Holding BV (wholly owned subsidiary of General Electric International (Benelux) BV) while the remaining 76 percent stake was held by Tata Consultancy Services Netherlands BV (wholly owned subsidiary of TCS) was.
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