TCS, Mitsubishi to form software services company

(Reuters) - India’s largest IT services exporter Tata Consultancy Services(TCS.NS) has signed a pact with Japan’s Mitsubishi Corp to create a Japanese software services provider, the companies said in a statement on Monday.

Tata Consultancy Services Japan Ltd, Nippon TCS Solution Center Ltd and IT Frontier Corporation – a wholly owned unit of Mitsubishi – will be merged together to form a single entity, the pair said in the statement.

TCS will hold 51 percent while Mitsubishi will hold the remaining 49 percent of the entity, which will be operational from July 2014, they said.