Mitsubishi Corporation Ltd has divested 51% of IT Frontier Ltd (ITF) to Tata Consulting Services Ltd (TCS). Financials have not been made public.
ITF was formed in 2001 as a joint venture between Mitsubishi Corporation and IBM, through a series of mergers of five separate companies, namely Mitsubishi Jimu Kikai K.K., SST K.K., IT Commerce K.K., MC Technoserve K.K. and Sirius K.K. Later, ITF became a 100% subsidiary of Mitsubishi Corporation, and provides planning, development, and maintenance for corporate IT infrastructures.
TCS is an Indian multinational information technology (IT) services, consulting and business solutions company headquartered in Mumbai. TCS operates in 46 countries. It is a subsidiary of the Tata Group and is listed on the Bombay Stock Exchange and the National Stock Exchange of India. TCS is one of the largest Indian companies by market capitalization (US$80 billion) and is the largest Indian-based IT services company by 2013 revenues.
Mitsubishi Corporation is a global integrated business enterprise that develops and operates businesses across virtually every industry including industrial finance, energy, metals, machinery, chemicals, foods, and environmental business. The company's 's current activities are expanding far beyond its traditional trading operations as its diverse business ranges from natural resources development to investment in retail business, infrastructure, financial products and manufacturing of industrial goods. With over 200 offices and subsidiaries in approximately 90 countries worldwide and a network of over 600 group companies, Mitsubishi has over 65,000 employees worldwide.
Oaklins' team in Japan acted as a financial advsor to Mitsubishi Corporation in this transaction.
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