TCS on Saturday announced that it had increased stake in its Brazilian joint venture TCS do Brasil to 100% from 51%. The Grupo TBA’s 49% stake was picked up for a consideration of $33.4 million.
Earlier in 2002, the company had entered the Brazilian market through a 51:49 joint venture with Grupo TBA. TCS do Brasil has a workforce of over 1,700 employees and recorded a topline of $66.5 million for the year ended March 31, 2007.
The company operates delivery centres in Sao Paulo and Brasilia and provides services to over 30 clients including ABN Amro, Goodyear, Equifax and Brasil Telecom.
Grupo TBA and TCS have also signed a co-operation accord by which they will continue to service clients jointly.
