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TCS takes majority stake in Swiss firm

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CIOL Bureau
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MUMBAI  - Tata Consultancy Services Ltd., India's largest software services firm, said it had acquired a 75 per cent stake in Swiss firm TKS-Teknosoft for 100.5 million Swiss francs ($80.3 million).

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TCS, part of India's salt-to-steel Tata business group, already had a sales and marketing agreement with the Swiss firm for tapping business opportunities in Switzerland and France, a company spokesperson said.

The acquisition will help TCS expand its product portfolio in the banking and financial services space, S. Ramadorai, chief executive and managing director of TCS, said in a statement.

"It (the acquisition) gives TCS a direct presence in the key markets of Switzerland and France with an ability to serve customers with a single face, from sales to delivery," he said.

TKS-Teknosoft is a software solutions provider with well-established operations in Europe. The firm, with 115 employees, had a net income of 9.6 million Swiss francs in 2005, the statement said.

Ahead of the announcement, TCS shares closed 0.6 per cent higher at 1,084.50 in a Mumbai market that eased 0.5 per cent.

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