Tata Consultancy Services [Get Quote] has received clearance for $ 1 million investment in software development in Thailand.

Thailand's Board of Investment has allowed TCS to invest 32 million Baht ($ 1,016,485) in the IT sector in the country.

As part of national policy to promote the IT industry, TCS has been allowed duty-free equipment imports and an eight-year corporate tax holiday.

The TCS venture in Thailand would cater to banks, factories, telecommunications and the animation industry, said BoI Secretary-General Satit Chanjavanakul, after the announcement on Tuesday.