Tata Consultancy Services and State Bank of India on Monday launched a joint venture to provide advanced technology solutions and world-class domain consulting for the banking and financial services sector.
According to a release issued by TCS to the Bombay Stock Exchange, the JV will have 51:49 equity participation from TCS and SBI, respectively, with equal participation in the board of directors.
"The JV will be known as C-EDGE Technologies, and will have an authorised capital of Rs 40 crore (Rs 400 million)," the release added.
"This is the first major collaboration between two world-class banking and technology behemoths, and will reinforce TCS' articulated strategy of becoming a full services player and growing our dominant position in the global banking and financial services domain," S Ramadorai, CEO and managing director of TCS, said.