Mumbai: India's top software firm Tata Consultancy Services (TCS) on Monday signed a shareholders' agreement with three Chinese firms and Microsoft to invest $15 million (nearly Rs 70 crore) for floating a software joint venture in China.
The three Chinese firms and Microsoft will participate as strategic investors as soon as the joint venture is established.
Presently, TCS, under its subsidiary, will hold 72.22 per cent shareholding while the Chinese firms would hold a 27.28 per cent stake, TCS CEO S Ramadorai said.
Microsoft will be offered a 10 per cent stake as soon as the venture is established by both partners offloading equal number of shares, he said.
The joint venture firm, to be located in Beijing's Zhongguancn Software Park, will provide IT services and solutions to clients in the global as well as the Chinese market.
The software major, on Sunday, also signed an agreement worth $ 33 million with Saudi Telecom Company for providing customer relationship model (CRM).
The Saudi-based firm is engaged in providing telecommunication services from wireless to end-to-end solutions.
TCS would be providing end-to-end billing solutions and would be into primary integration, Ramadorai said. The deal would be for a period of 18 months.
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