TCS set to strike deal worth $1 billion with Marks & Spencer: Report

Tata Consultancy Services (TCS), the country's largest software exporter, is set to finalise multiple deals worth $1 billion with British retailer Marks & Spencer, the Economic Times reported on Wednesday. The IT firm, however, has not yet confirmed the deal and called it "market speculation".

According to the report, multiple deals, worth $1 billion, between TCS and Mark and Spencer are set to close in the coming weeks.

It is worth noting that TCS and Marks and Spencer have been in partnership since 2018. The Indian IT giant has provided human resource solutions for over 80,000 employees of Marks and Spencer. Furthermore, TCS has also provided solutions using the Oracle supply chain management platform.

As per the report, the latest deals will include business process services and digital transformation programs, among others. They are expected to be spread out over a duration of 8-10 years. TCS responded to the report and said in a statement, “As per policy, we do not comment on market speculation.”

In February, TCS reported a $700 million plus order from UK-based Phoenix Group, the largest deal so far in this fiscal year. This deal came from the extension of a $2 billion engagement it had won in 2019 from the same organization.

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