TCS bags Rs 784cr outsourcing deal

Tata Consultancy Services Ltd has secured around Rs 784 crore (Rs 7.84 billion) order from Sun Life Financial of Canada for offering outsourcing services.

The order was bagged by Diligenta, a UK-based financial services authority-regulated subsidiary of TCS. The services are expected to commence in May this year and are estimated to be worth 100 million pounds (about Rs 784 crore) over the life of the contract, TCS said in a communique to the Bombay Stock Exchange.

Diligenta has been working with Sun Life Financial of Canada (SLF UK) as preferred supplier since October 2007 and would continue to run the operation in its head office at Basingstoke.

"The deal with SLF UK, underlines the strength of TCS's Diligenta strategy, launched in 2006. Our vision was to establish a centre of excellence in the UK to capitalise on the growing BPO trend and to cultivate new opportunities in this sector," TCS UK and Ireland Vice-President and Country Head A S Lakshminarayanan said.

Shares of TCS were last trading at Rs 863.05, down 0.02 per cent on the BSE.