TCS, SBI float new joint venture

In a first of its kind venture between a private enterprise and a public sector bank, IT major Tata Consultancy Services and the country8217;s largest bank State Bank of India have floated a joint venture 8212; C-edge Technologies Ltd 8212; which will provide advanced technology solutions and domain consulting for the banking and financial services sector.

TCS will have a majority stake 51 per cent in the new company which has an authorised capital of Rs 40 crore. The remaining 49 per cent will be vested with SBI, TCS informed The Stock Exchange, Mumbai BSE here today.

Both the companies will have an equal participation on the board of directors of C-edge which will develop high-value niche assets and solutions by leveraging domain and technology capabilities of TCS and SBI.