TCS eyes growth in Australia, Middle East

MUMBAI, INDIA: Tata Consultancy Services (TCS), India’s leading IT Services and BPO firm, has raised concerns over sluggishness of western economies during its annual general meeting (AGM).

Addressing the 17th annual meet, Ratan Tata, TCS Chairman said, “The depressed situation in the west is a cause for concern.”

“However, for TCS, North America, continental Europe and the U.K. continue to be major markets, and there are good opportunities in new markets such as Australia and the Middle East,” Tata said.

For Tata, it was his last address to investors and shareholders of TCS as Cyrus Mistry will replace him as the new chairman of TCS and the Tata Group later this year.

“We fully realize that the global economic environment is volatile and recovery will be a prolonged exercise. There is a weakness in multiple markets, both developed and developing and also the issue of currency volatility,” said N Chandrasekaran, TCS CEO & MD.

Inspite of concerns over western markets, Chandrasekaran said that Australia, Middle East markets are expected to be new areas of growth for the company.

He added that the company has been expanding its global footprint by opening development centers across Latin America including Mexico, Peru, Chile and Ecuador along with China and Philippines.

According to Chandrasekaran, banking, financial services and insurance (BFSI) vertical continued to be the thrust area for TCS.