TCS and SBI in a joint venture to offer solutions for banking and financial services
Indiaâ€™s largest IT Company TCS is joining hands with the Indiaâ€™s largest bank State Bank of India. They have announced a joint venture to provide advanced technology solutions and domain consulting for the banking and financial services sector. They call this venture C-Edge Technologies Ltd. This venture would have an authorized capital of Rs. 40 crore.
TCS would be controlling around 51% of this venture with the rest of the shares owned by SBI. They have not announced any asset transfer and are currently discussing the business plans for their venture. Current Head of BFSI Delivery (Mumbai) at TCS, Krishna Kumar has been named as the CEO of the joint venture.
The collaboration would be developing high-value niche assets and solutions by leveraging domain and technology capabilities of the two parent companies. TCS would also be using the expertise they acquired by taking over FNS (a banking products company from Australia) to deploy latest technologies in their co-developed products.
S. Ramadorai, CEO and Managing Director, TCS said in a statement about this plan: “C-Edge Technologies will clearly focus on creating new assets and will be in line with our aim of being a full service provider. We will also look at high-end domain consulting.”