Tata Consultancy Services and State Bank of India have
announced the formation of a joint venture to provide advanced technology
solutions and domain consulting for the banking and financial services sector.
Once incorporated, the JV will be known as C-Edge Technologies and will have an
authorized capital of Rs 40 crore. The JV will have equity participation from
TCS and SBI in the ratio of 51:49 respectively with equal participation on the
board of directors. The JV will develop high-value niche assets and solutions by
leveraging domain and technology capabilities of the two parent companies.
Following TCS' recent acquisition of FNS, a banking products company from
Australia, the new JV will also play a key role in deploying FNS products in the
role of a preferred systems integrator and leverage the experience both
organizations have gained in the core-banking roll-out in the State Bank group.
TCS, SBI form JV
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