BrazilTCS takes full control of all-women BPO center in Riyadh
TCS and GE jointly established an all-women business services centre in Riyadh back in 2013 – aimed at promoting workforce equity and localising the business process outsourcing (BPO) industry. Per a new agreement, TCS will now take full ownership of the centre.
TCS was already the majority shareholder, with a 76% stake compared to GE’s 24%. A sum of just over $12,000 has been agreed for complete ownership of the centre, which makes up TCS’ entire delivery capability in Saudi Arabia.
“Given GE's planned exit from this partnership, the partners have entered into a definitive agreement subject to closing conditions for transfer of GE's stake in the venture to TCS,” said the latter in a regulatory filing. The deal is still waiting on anti-trust approval, with expected closure within three to six months.
Following completion, TCS will take full charge of an all-women delivery centre in Riyadh – staffed with 1,000 professionals with expertise in finance, accounting, human resources, supply chain management and IT services, among others.
Growth and equitability
The centre was established in 2013 as a joint venture between Saudi Aramco, TCS and GE. The multi-pronged objective was to bring the thriving BPO industry “back home”; create more jobs locally; and expand the opportunities available for ranks of educated women emerging in Saudi Arabia.
In Riyadh, 60% of university graduates are women – who largely end up either in the public sector or employed at educational institutions. The centre gives these young professionals exposure to multifaceted business capabilities, and was set up with the goal of creating 3,000 jobs for women in Saudi Arabia.
These efforts are still ongoing, backed by substantial resources. A team of 20 women that began at the centre is now a 1,000 strong outfit of Bachelors, Masters and Doctorate holders. So far, TCS has put in more than 600,000 cumulative hours of training and upskilling efforts to equip the team with advanced business capabilities.
85% of the staff is Saudi Arabian, while the rest are spread across several nationalities – including Indian, Chinese and Australia. Today, the thriving centre covers more than 20 service areas and supports clients in over 50 countries.
And many have taken note of the programme's value for women in the workplace. The centre was named the ‘best women development and leadership programme’ at the 2018 Future of Workplace Awards, and later received the King Khalid Award for ‘responsible competitiveness’ in 2019.
With gender equality and economic diversification taking on a bigger role than ever in the Saudi economy, the latest move allows TCS to continue to drive change in a dynamic business environment.
