NEW DELHI:Tata Consultancy Services (TCS) has expanded the scope of its contract with UK-based financial services major M&G Prudential. While TCS inked an initial contract with the latter to manage over 4 million life and pensions contracts for M&G, that agreement has now been expanded. According to TCS, the deal is now worth $1.2 billion over ten years.
TCS had first announced the partnership with the firm in January this year, stating that the deal would be worth $690 billion.“The agreement has now been expanded to cover an additional 1.8 million customer policies which will move from M&G Prudential to TCS, bringing the total number of policies covered by the partnership to 5.8 million, and is worth an additional 500 million pounds ($668 million) over the term of the contract,” TCS said in a statement on Tuesday.
Under the deal, around 400 roles from M&G Prudential across a number of UK sites are expected to be transferred under the TUPE (transfer of undertakings) arrangements to TCS’ UK subsidiary. Another 183 roles in India are also expected to move from M&G Prudential to TCS.Over the last few months, TCS has announced a slew of large client contracts including American insurer Transamerica (over $2 billion), television rating measurement firm Nielsen ($2.25 billion) and British retailer Marks & Spencer.