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Tata in $847M Outsourcing Deal
from: john Indian outsourcing firm Tata Consultancy Services (TCS) said
Tuesday it was entering the life insurance and pensions industry
in the United Kingdom with a 12-year, £486-million ($847
million) deal to handle the life insurance and pension business
processes of Pearl Group.
TCS will set up a new U.K. subsidiary in Peterborough, England ,
to specialize in business process
(BPO) for the life insurance industry. The unit will respond to
questions from policyholders, pay out claims, and perform other
transactions. The company has signed a long-term lease for a
site there.
Shares of TCS were up 6.80 rupees ($0.15) to 1,440.95 rupees
($31.93) in recent trading.
TCS, based in Mumbai, India, has already worked with five of the
top 10 insurance companies in the U.K., according to Phiroz
Vandrevala, global head of corporate affairs at the company. TCS
also has a 14-year relationship with Pearl.
The Tata-Pearl deal comes only a day after Technology Partners
International, a Houston-based advisory firm, said the total
value of outsourcing deals in 2005 would drop to between $60
billion and $65 billion from an average of $72 billion in recent
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