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TCS Arm Strengthens UK Position With Life And Pension Biz Wins

(RTTNews) - Tata Consultancy Services Ltd. said its UK's subsidiary Diligenta announced major wins with Phoenix Group and Old Mutual International, following the transfer of Unisys Insurance Services Ltd.'s UK life and pensions services business to Diligenta.

Diligenta's new contract with Phoenix Group was extended by an additional six years until 2018 and both contract will generate 250 million pound sterling in revenue for the company over that period, reinforcing Diligenta's position as one of the largest BPO providers in the UK.

Diligenta will begin delivering the services currently provided to UISL's clients effected September 1, 2010.

The deal secures Diligenta's position as a leading provider within the UK's life and pensions BPO market and will see Diligenta managing further books of business owned by the Phoenix Group and acquiring a third client, Old Mutual International.

With this win, the number of policies Diligenta now administers will rise to over five million from the present 3.6 million.

TCS closed Wednesday's trading at Rs.857.20, up by Rs.13.35 or 1.58% on a volume of 300,000 shares. The scrip touched an intraday high of Rs.859.85 and a low of Rs.844.