TATA Consultancy Services (TCS) has won a $847 million (Rs 3,800 crore) deal from the UK-based insurance company Pearl group. The deal will be executed over a period of 12 years.The revenue from the deal will start flowing from the next quarter. “Under the deal, TCS will take over the entire business processes of Pearl along with its 950 empl0oyees out of 1100 in the UK, with about 150 staying back with Pearl,” TCS Executive Vice-President Phiroz Vandrevala said.The deal will mean that a subsidiary of TCS will be set up. This will specialise in BPO for life and pension businesses, starting with Pearl’s closed books portfolio.“We anticipate revenue earning from the last quarter of the current fiscal. We expect to get 60 per cent of the revenue in the first six years and remaining in the next four years,” Vandrevala said.The market size of close book policy in Europe is 100 million. Currently, through this venture, TCS will be covering four million customers. “This shows the tremendous potential the sector has here,” he added.Though the modalities for the new firm are yet to be finalised, it has been decided that the Pearl group would hold the minority share in the new venture. The name of the firm is yet to be determined. According to Director Edward Spencer Churchill, Pearl will invest 50 million pounds for the first four years. The actual equity share was still being ascertained, he added.Ratan Tata takes over as TTSL chairmanMumbai: Ratan Tata on Tuesday took over as chairman of Tata Tele-Services Ltd (TTSL). Tata accepted the TTSL board’s offer after the incumbent Firdose Vandrewala quit. This comes within months of the group deciding to increase the retirement age for the directors to 75, making Ratan Tata, 67, eligible to continue as head till 2012. Vandrewalasought early retirement following which the offer was made to Tata. PTI
