Tuesday, November 15, 2005

TCS, SBI JV

Reports Hindu Businessline:


...Tata Consultancy Services and State Bank of India have formed a joint venture company C-EDGE Technologies Ltd that will offer technology and consulting services to the banking, financial services and insurance industry (BFSI).

The 51:49 partnership between TCS and SBI, targeting the BFSI sector is a surprise of sorts. TCS is associated with SBI as vendor for rolling out a core banking solution for the latter. Also, TCS last fiscal had nearly 35 per cent of its revenues coming from the BFSI vertical...

Read the whole report here.

ICICI is already into IT. SBI is following suit with help from TCS into a new company. There are many examples. Mahindra diversified into IT a while back. So did ITC and L&T. Wish SBI had got onto the bus earlier than now!

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