Forget mistrust, Bank of China awards TCS deal

Posted: 2006-12-04 03:48:27+05:30 IST
Updated: Dec 04, 2006 at 0348 hrs IST

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Beijing, Dec 3 : In the first major IT contract bagged by an Indian company from a Chinese firm, Tata Consultancy Services (TCS) has sealed a $100-million deal with state-run Bank of China (BoC), industry sources said on Sunday.

All Indian IT giants—including Infosys, Satyam, Wipro, NIIT and i-flex—have set up bases in China, but their contracts have been largely restricted to multinational customers there. Grabbing a part of China’s huge software market has proved to be an uphill task so far because of an inherent mistrust for giving contracts to Indian firms.

The deal acquires added significance as it comes soon after Chinese president Hu Jintao's recent India visit, during which he urged for more business for Chinese firms in India.

The contract to TCS was being dubbed as a major IT-related deal signed by a Chinese bank ahead of the opening up of the country’s banking sector to foreign competition by December 11 in step with Beijing’s commitment to the WTO, industry sources said.

“It’s a major breakthrough for Indian IT companies, which are bidding for government contracts in China,” a software expert said. TCS will provide a range of banking solutions to BoC. But details are not yet known.

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Forget mistrust, Bank of China awards TCS deal

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