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Jul 24, 2006, 14:35 GMT

Indian software firm to float joint venture in China

New Delhi - Indian software major Tata Consultancy Services (TCS) signed a shareholders' agreement on Monday with three Chinese firms and Microsoft to invest 15 million US dollars to float a software joint venture in China, news reports said. The three Chinese firms and Microsoft will participate as strategic investors once the joint venture is established, PTI news agency reported. TCS will hold 72.22 per cent shareholding in the joint venture while the Chinese firms would hold a 27.28 per cent stake, TCS chief executive S Ramadorai said in the southern Indian city of Chennai. Microsoft will be offered a 10 per cent stake once the venture is established by both partners offloading equal numbers of shares, he said. The joint venture firm is to be located in Beijing's Zhongguancn Software Park. It will provide information-technology services services and solutions to global as well as Chinese clients. © 2006 dpa - Deutsche Presse-Agentur

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