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TCS to open branch in Israel

September 19, 2005 10:58 IST

Indian IT major Tata Consultancy Services will open a branch in Israel within six months and has already chosen a local manager.

TCS executive Vice President, P S Padmanabhan, told business daily Globes about the company's decision to open a branch at a conference in Jerusalem.

Asked why Israeli customers would prefer TCS to the United States and European companies, Padmanabhan said, "They'll take us because of our great know-how and experience in applying complicated systems."

"Among other things, we set up the Swiss discounting system. We're very strong in finances, and can compete with large consultancy companies, he said.

Tata Consultancy is one of the world's five largest IT consultancy companies, competing with IBM's consultancy division, Accenture and other companies, Padmanabhan said.

Sixty per cent of TCS' business is in the US, 20 per cent in Europe, 11 per cent in India, and 5 per cent in South-East Asia, he said.

The IT major is also seen as a potential candidate for acquiring provident and mutual funds in Israel owned by banks, the report said.

The ministry of finance is encouraging foreign financial entities to buy such funds under new reforms.

"It's too early to say whether the company will operate in Israel in this sector," Padmanabhan told the daily.

The TCS' major areas of operations are banking and financial services (40%), industry (20%), and telecommunications (15%), the report said.

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