Tata Consultancy Services’ (TCS) board has approved merger of its subsidiary CMC with the company. CMC shareholders will get 79 shares of TCS for 100 shares of CMC.
CMC merging with TCS has been going on for a few years, with the latter stating that nothing was on cards.
CMC began its journey as a state-run IT services firm in 1975, which was acquired by TCS in 2001. CMC that has primarily has been focused on the domestic market, and has remained as the subsidiary of TCS.
TCS is an IT services, consulting and business solutions organization that delivers real results to global business, ensuring a level of certainty no other firm can match. TCS offers a consulting-led, integrated portfolio of IT, BPO, infrastructure, engineering and assurance services.