TCS to invest Rs 2,300 crore this fiscal

Tata Consultancy Services TCS,Indias largest software services provider,will invest Rs 2,300 crore as capital expenditure for the financial year 2011-12,and would focus on adding more clients in the retail sector,which currently contributes just 10 per cent to its total revenues. The company is actively looking at acquisitions and expects to increase its market share in Latin America,Middle East and Asia,according to chairman Ratan Tata.

Addressing shareholders at the companys annual general meeting held here on Friday,Tata said that BFSI banking,financial services and insurance would remain the largest revenue-earning segment for the company. He stated that TCS has no issues with tax authorities on body shopping and visa rules. No allegations from any authorities on body shopping have been received so far, he said.

He said after the allowances related to the Software Technology Parks of India STPI are removed,the companys tax liabilities will increase by 22-23 per cent. BFSI contributes 44 per cent to TCS total revenues. TCS declared a dividend of Rs 14 per share for the full year. The companys top 10 clients contributed to 30 per cent of the total revenues. The company has also become the largest employer in FY11,with a record 1,98,614 employees.