Parent looks to raise $1bn from 15 per cent sale…
By Tony Hallett
Published: 28 June 2004 12:10 GMT
Tata Consultancy Services looks set to be pushing ahead with its $1bn flotation - India's largest - despite choppy waters around the world for some companies going public.
The IT services group, part of Tata Sons, the country's second-largest conglomerate, pushed ahead with investor meetings last week, according to a report in this morning's FT. No decision on an IPO is expected until 9-10 July.
TCS is working with investment banks JP Morgan, Merrill Lynch and Morgan Stanley and is now in a period of gauging investors' interest.
TCS is one of the top three Indian IT providers, competing with Infosys, Wipro and a host of other companies for application development, business process outsourcing and other work.
Last week TCS strengthened its long-standing relationship with IBM.
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