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TATA Group Company gets a Contract Worth GBP 600 Million from UK’s Phoenix Group

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TATA Group Company TCS gets a Contract Worth GBP 600 Million from UK’s Phoenix Group

Tata Consultancy Services established a collaboration with Phoenix Group, one of the major long-term savings and retirements providers in the UK, to use the TCS BaNCSTM based platform to digitally transform the ReAssure company. ReAssure is a UK-based life insurance firm that Phoenix Group bought in 2020. Phoenix Group has since partnered with TCS to create synergies and improve the customer experience for ReAssure’s policyholders.

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ReAssure’s operations will change as a result of the extended relationship, consolidating the legacy company on the same digital platform, TCS BaNCSTM, that Phoenix Group uses to manage its other books of business. Over £600 million will be spent on the contract for the complete company transformation, which includes administrative services.

The Tata Group’s primary business is Tata Consultancy Services. It is an IT services, consulting, and business solutions company that has spent more than 50 years working as a transformation partner with many of the biggest companies in the world.

The stock opened today at Rs 3472 and closed at Rs 3538, respectively. The stock is up 1.86% to Rs 3535.10 at the moment.

The stock’s 52-week range includes a high of Rs 3856 and a low of Rs 2926. The firm has a market capitalization of Rs 1,293,914 crore and a ROCE and ROE of 54.9% and 43.6%, respectively.

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