TCS wins $100mn deal from Chinese Bank

Tata Consultancy Services (TCS) has won a landmark deal worth $100 million from the state-run Bank of China (BOC), the first major IT contract bagged by an Indian company from a Chinese firm.

This deal acquires significance as this major IT-related deal signed by a Chinese bank comes ahead of the opening up of the country’s banking sector to foreign competition by December 11 in step with Beijing’s commitment to the WTO.

It is a major breakthrough for Indian IT companies, who are aggressively expanding their operations and trying to bag government contracts in China. Most Indian IT giants—including Infosys, Satyam, Wipro, NIIT and i-flex—have already set up bases in China.

China announce new rules for foreign banks
CLICK FOR MORE FEATURES & STORIES