India's largest IT company, Tata Consultancy Services (TCS) and China's Foreign Exchange Trade System (CFETS) have officially launched a joint venture.

The venture will be set up in Beijing's Silicon Valley (Zhongguancun Software Park) and will provide IT services to China, Europe, the United States, Japan, Asia…golly, that about covers most of the world.

Tata is the first Indian outsourcing company to outsource in China.

TCS has 800 consultants in Shanghai and Hangzhou. With the addition of Beijing, the Indian company hopes to increase that number to 5,000 within five years.

More than 40% of TCS revenue comes from the financial sector. China has recently relaxed its banking sector. Sounds like TATA is experiencing good kharma these days, no?

TCS and IBM recently announced a $100 million deal to upgrade computer systems at Bank of China Ltd.

China will become more and more important for global IT consultancies like TCS.

Meanwhile…India continues to grow.

What do you think?

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