TCS to acquire 20.6% of WTI

MUMBAI: Tata Consultancy Services will acquire 20.67 per cent in WTI Advanced Technology and has reached an agreement with the International Finance Corporation, private lending arm of the World Bank, for the same.






The agreement for acquiring the balance equity in the joint venture was signed much before TCS filed draft prospectus last week to go public.





WTI has been incorporated as a joint venture between Westinghouse Electric Corporation USA and Tata Sons and IFC, USA in 1987 to address the global needs of IT-enabled services.





In 2000, Westinghouse disinvested its holdings in WTI and it is currently under the control of Tata Sons.





TCS Ltd owns 29.62 per cent and Tata Sons owns 9.99 per cent of WTI equity. IFC held 20.67 per cent in WTI.

Source: IRIS