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TCS set to strike deal worth $1 bn with Marks & Spencer: Report

TCS

TCS to strike deal with Marks & Spencer

According to the Economic Times, Tata Consultancy Services (TCS), the country’s largest software exporter, is set to finalize multiple $1 billion deals with British retailer Marks & Spencer. The IT firm, however, has not yet confirmed the deal and called it “market speculation”.

Multiple $1 billion deals between TCS and Mark and Spencer are expected to close in the coming weeks, according to the report.

It’s worth noting that TCS and Marks & Spencer have been working together since 2018. Over 80,000 Marks and Spencer employees have received human resource solutions from the Indian IT behemoth. TCS has also provided solutions based on the Oracle supply chain management platform.

TCS

According to the report, the latest deals will include, among other things, business process services and digital transformation programmes. They are expected to be spread out over an 8-10 year period. TCS issued a statement in response to the report, saying, “As per policy, we do not comment on market speculation.”

TCS reported a $700 million plus order from the UK-based Phoenix Group in February, the largest deal so far this fiscal year. This deal was the extension of a $2 billion contract it had won from the same organisation in 2019.