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TCS bags £600mn UK pension deal

This article was posted on Mar 3, 2010 and is filed under Stock News

Software major Tata Consultancy Services (TCS) is all set to bag a £ 600 million outsourcing contract from the UK Government for managing a state-sponsored pension scheme that is still in the works.

The duration of the contract, awarded by Personal Accounts Delivery Authority for its UK-wide pension scheme called the National Employment Savings Trust, is for 10 years with a possible extension for another five years. Financial details of the deal were not disclosed.

Tata Steel’s European unit Corus has sold its stake in a joint venture operating a tar distillation plant in the Netherlands for an undisclosed sum. The joint venture operates a 140,000-tonnes-a-year plant, which processed coal tar generated from Corus’s IJmuiden steelworks.

NEST, which is being designed and implemented to augment the existing employer-provided schemes, is expected to benefit nearly six million British citizens, when it becomes fully operational.

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