Tata Consultancy Services has finalised the name 'Diligenta' for its UK operations to be jointly set up by the Tata company and London-based Pearl Group, under a £486 million (about Rs 3,810 crore) contract.
TCS is also expanding to other locations in Europe such as Hungary, Romania and Poland among others, and is planning of recruiting over a "couple of thousand employees" in two-three years.
Phiroz Vandrevala, executive vice-president and global head of corporate affairs, said Diligenta would be the name of the joint venture and it would be based out of Petersbrough, London. It will function as a subsidiary of TCS, with Pearl holding a minority stake.
The new firm will take on board Pearl group's 950 employees of a total staff of 1,100. The company, which already has a 1,700-seat facility in Petersbrough, plans to scale up the facility to meet the growth in business.
Diligenta will specialise in life and pension business BPO and will commence operations starting with Pearl Group's portfolio. It will also focus on offering similar services to other life insurance companies.
Pearl had earlier committed to invest around £50 million (nearly Rs 394 crore) in the venture, while that of TCS is yet to be declared.
In October last year, TCS had bagged a 12-year contract, valued at £486 million (about Rs 3,810 crore) from Pearl Group. The contract was bagged by outbidding the world's largest BPO and IT services provider, GE Capital International Services.
The contract, which can be extended with mutual consent, was bagged one month after TCS winning a $250-million outsourcing contract from ABN Amro.