Global IT major Tata Consultancy Services on Thursday bagged a multi-million dollar contract from Russia, the first win by any Indian company in that country.
The Tata group company has received a contract from Moscow-based National Depository Centre (NDC) and will offer its securities product, eClearSettleTM, to the centre. TCS, however, refused to divulge the financial details of the deal.
Under the contract, TCS will customise and implement its securities product that will provide depository, clearing and settlement services to NDC. This is also the entry of an Indian company into the Russian IT market, in turn, opening up the market for other companies, the Tata group company said in a release.
N Chandrasekaran, global head (operations) of TCS, said, 'The assignment with NDC is strategic from two perspectives. Not only does it reiterate the strength and relevance of TCS' asset-based solutions such as eClearSettleTM for global players in the securities industry, but also extends TCS' footprint in Russia which is one of the emerging markets in the world.'
'With our presence in Brazil, China and India, and now Russia, we are geared to play a significant role in the development and growth of the BRIC countries,' he added.
NDC is the latest customer of eClearSettleTM, while other global depositories like Kuwait Clearing Company, the Philippines Depository and Trust Company, Dubai International Financial Exchange and National Securities Depository of India had earlier installed this product.
The Russian depository centre is setting up a Central Securities Depository for Russian stockmarket and employ the solution to make that country's stock market more liquid with low risks and high levels of guarantees, the release said.
'At the NDC, we are investing in world-class IT solutions to enhance our capabilities and add value to our stakeholders. TCS has a proven state of the art solution in eClearSettleTM which will help NDC offer more value-added services to our customers and create a liquid securities market in Russia,' said Nikolay Egorov, General Director, NDC.
eClearSettleTM is a comprehensive suite of products for clearing and settlement of financial instruments.
The product is targeted at central depositories, clearing organisations, registrars and central banks, and offers services like electronic settlement with true delivery versus payment, participation of indirect participants, securities lending and borrowing and support of various settlement models.