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TCS oulines vision for CMC

By Our Special Correspondent

MUMBAI, OCT. 17. Tata Consultancy Services (TCS) today outlined its strategic vision and plans for CMC.

Commenting on the operations strategy here today at a press conference, Mr. S. Ramadorai, CEO of TCS, said the existing senior management of CMC would continue and the team would be strengthened with key personnel from TCS. Mr. Ramadorai will be the Chairman and Mr. S. S. Ghosh the Managing Director of CMC. Mr. Ishaat Hussain will be the director and Mr. R. Ramanan the executive director of the company. All of them are nominees of Tata Sons. They also proposed four independent directors including Mr. C. B. Bhave, Managing Director, NSDL, Dr. K. R. S. Murthy, former director of IIM Bangalore and director, ONGC and member, Disinvestment Committee, Mr. Surinder Singh, ex-Cabinet secretary, Union Government and executive director, World Bank, Mr. Shardul Shroff, partner, Amarchand Mangaldas Shroff & Co. The Union Government will have two nominee directors on the board. The board of directors will thus consist of ten members.

Mr. Ramadorai said the acquisition of CMC was a key business decision by the Tata group to consolidate its leadership position in the IT business in India by leveraging CMC's inherent technological and domain expertise.

Tata Sons acquired 51 per cent stake in the Government owned CMC for Rs 152 crores. It has also announced an open offer to acquire and additional 16.69 per cent stake at Rs. 281.26 per share. The total value of the open offer is Rs. 72 crores.

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