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74-607: Tata Consultancy Services ( TCS ) is an Indian multinational technology company specializing in information technology services and consulting . Headquartered in Mumbai , it is a part of the Tata Group and operates in 150 locations across 46 countries. It is the second-largest Indian company by market capitalization . As of 2024, TCS is ranked seventh on the Fortune India 500 list. In September 2021, TCS recorded

148-766: A basis in a national ethos , being ultimate without a specific nationhood, and that this lack of an ethos appears in their ways of operating as they enter into contracts with countries that have low human rights or environmental standards . In the world economy facilitated by multinational corporations, capital will increasingly be able to play workers, communities, and nations off against one another as they demand tax, regulation and wage concessions while threatening to move. In other words, increased mobility of multinational corporations benefits capital while workers and communities lose. Some negative outcomes generated by multinational corporations include increased inequality , unemployment , and wage stagnation . Raymond Vernon presents

222-658: A business process outsourcing facility in the Philippines. Since 2006, TCS has signed large contracts with American biopharmaceutical majors including Pfizer and Eli Lilly for providing clinical research - data management , biostatistics , and medical writing services. TCS also provides services to European biopharmaceutical corporations such as Roche and Novartis in the areas of clinical data management, biostatistics , clinical programming, pharmacovigilance , and RWE support towards global drug development efforts. TCS established India's first software research centre,

296-553: A complaint with the Kancheepuram labour court, alleging that Tata Consultancy Services' internal complaints committee mishandled a sexual harassment case. Despite the case being approved, there has been no significant progress over the years, with the worker accusing the company of delaying investigations. The worker has also reported unexplained transfers and other forms of alleged workplace retribution, including in performance reviews. Multinational corporation Most of

370-508: A corporation invests in a country in which it is not domiciled, it is called foreign direct investment (FDI). Countries may place restrictions on direct investment; for example, China has historically required partnerships with local firms or special approval for certain types of investments by foreigners, although some of these restrictions were eased in 2019. Similarly, the United States Committee on Foreign Investment in

444-429: A free market system where there is little government interference. As a result, international wealth is maximized with free exchange of goods and services. To many economic liberals, multinational corporations are the vanguard of the liberal order. They are the embodiment par excellence of the liberal ideal of an interdependent world economy. They have taken the integration of national economies beyond trade and money to

518-605: A market capitalization of US$ 200 billion, making it the first Indian IT company to achieve this valuation. In 2012, it was the world's second-largest user of U.S. H-1B visas . In 2024, parent company Tata Sons owned 71.74% of TCS, and close to 80% of Tata Sons' dividend income came from TCS. Tata Consultancy Services Limited, originally known as Tata Computer Systems, was established in 1968 by Tata Sons Limited . The company's initial contracts involved providing punched card services to its sister company TISCO (now Tata Steel ), developing an Inter-Branch Reconciliation System for

592-490: A million troops to help, and by February 1991, Iraqi forces were expelled from Kuwait. Due to the oil boycott from Kuwait and Iran, oil prices rose and quickly recovered. Saudi Arabia once again led OPEC, and thanks to assistance in defending Kuwait, new relations emerged between the USA and OPEC. Operation "Desert Storm" brought mutual dependence among the main oil producers. OPEC continued to influence global oil prices but recognized

666-402: A network of innovation labs, start-up alliances, university research departments, and venture capitalists. In addition, TCS has 19 innovation labs based in three countries. TCS' partners include Collabnet and Cassatt , and academic institutions such as IITs , Stanford , MIT , and Carnegie Mellon , and venture capitalists like Sequoia and Kleiner Perkins . Tata Consultancy Services (TCS)

740-621: A partnership with Aurus, a payments technology company, to deliver payment solutions for retailers through TCS OmniStore, a pioneering unified store commerce platform. The same year, TCS China entered into a joint venture with the Chinese government. In March 2018, Tata Sons sold TCS shares worth $ 1.25 billion in a bulk transaction. In 2019, TCS received four Stevies at the American Business Awards. On 8 October 2020, TCS surpassed Accenture in market capitalization, becoming

814-410: Is often handled through international arbitration . The actions of multinational corporations are strongly supported by economic liberalism and free market system in a globalized international society. According to the economic realist view, individuals act in rational ways to maximize their self-interest and therefore, when individuals act rationally, markets are created and they function best in

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888-539: Is one of the largest private-sector employers in India, and ranks as the fourth-largest employer among listed Indian companies , following Indian Railways , Indian Army , and India Post . As of 8 July 2022, TCS had over 600,000 employees. As of 31 March 2013, the number of non- Indian nationals employed by TCS was 21,282, representing 7.7% of the workforce. For the fiscal year 2012–13, TCS's employee costs amounted to US$ 4.38 billion, which constituted approximately 38% of

962-865: Is usually a large corporation incorporated in one country that produces or sells goods or services in various countries. Two common characteristics shared by MNCs are their large size and centrally controlled worldwide activities. MNCs may gain from their global presence in a variety of ways. First of all, MNCs can benefit from the economy of scale by spreading R&D expenditures and advertising costs over their global sales, pooling global purchasing power over suppliers, and utilizing their technological and managerial experience globally with minimal additional costs. Furthermore, MNCs can use their global presence to take advantage of underpriced labor services available in certain developing countries and gain access to special R&D capabilities residing in advanced foreign countries. The problem of moral and legal constraints upon

1036-416: Is valued at approximately $ 3 billion. He noted that 95% of the deals won by TCS between October 2020 and October 2021 were for its cloud and SaaS platforms. In 2021, TCS underwent a millennial rebranding, and the company updated its tagline from "Experience Certainty" to "Building on Belief". In 2021, Tata Consultancy Services was also one of the largest job providers in India, hiring 43,000 new employees in

1110-824: The Central Bank of India , and offering bureau services to the Unit Trust of India . In 1975, TCS implemented an electronic depository and trading system named SECOM for Swiss company SIS SegaInterSettle. It also developed System X for the Canadian Depository System and automated the Johannesburg Stock Exchange . TCS also partnered with the Swiss firm TKS Teknosoft, which it later acquired. In 1980, TCS established India's first dedicated software research and development center,

1184-796: The Dutch East India Company (VOC) founded in 1602. In addition to carrying on trade between Great Britain and its colonies, the British East India Company became a quasi-government in its own right, with local government officials and its own army in India. Other examples include the Swedish Africa Company founded in 1649 and the Hudson's Bay Company founded in 1670. These early corporations engaged in international trade and exploration and set up trading posts. The Dutch government took over

1258-525: The Indian Railway Catering and Tourism Corporation . By 2008, its e-business operations were generating over US$ 500 million in annual revenue. In 2011, TCS entered the small and medium enterprises market with cloud -based solutions. On the final trading day of 2011, it surpassed RIL to achieve the highest market capitalization of any India-based company. In the 2011–12 fiscal year, TCS achieved annual revenues exceeding US$ 10 billion for

1332-591: The Tata Research Development and Design Centre (TRDDC), located in Pune . The following year, it created India's first client-dedicated offshore development centre , established for Tandem . Anticipating the Y2K bug and the introduction of the unified European currency ( Euro ), Tata Consultancy Services developed a factory model for Y2K conversion. The company also created software tools to automate

1406-406: The Tata Research Development and Design Centre , in Pune , in 1981. TRDDC undertakes research in software engineering , process engineering , bioinformatics , and systems research. Researchers at TRDDC also developed MasterCraft (now a suite of digitization and optimization tools), a Model-driven Development software that can automatically create codes based on a model of a software, and rewrite

1480-630: The US District Court, Northern District of California in Oakland , California, granted final approval for the settlement of the lawsuit. In a lawsuit filed in October 2014 in the US District Court in Madison, Epic Systems accused TCS and Tata America International Corp of "brazenly stealing the trade secrets, confidential information, documents, and data" belonging to Epic. This lawsuit

1554-471: The fastest-growing major economies and is considered a newly industrialised country . For further information on the types of business entities in this country and their abbreviations, see: "Business entities in India" . This list shows firms in the Fortune Global 500 , which ranks firms by total revenues reported before 31 March 2020. Only the top ranking firms (if available) are included as

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1628-670: The 19th century, such as the Rio Tinto company founded in 1873, which started with the purchase of sulfur and copper mines from the Spanish government. Rio Tinto, now based in London and Melbourne , Australia, has made many acquisitions and expanded globally to mine aluminum , iron ore , copper , uranium , and diamonds . European mines in South Africa began opening in the late 19th century, producing gold and other minerals for

1702-551: The English language. Senior officials, although mostly still Swedish, all learned English and all major internal documents were in English, the lingua franca of multinational corporations. After the war, the number of businesses having at least one foreign country operation rose drastically from a few thousand to 78,411 in 2007. Meanwhile, 74% of parent companies are located in economically advanced countries. Developing and former communist countries such as China, India, and Brazil are

1776-575: The International Energy Agency (IEA), enabling states to coordinate policy, gather data, and monitor global oil reserves. In the 1970s, OPEC gradually nationalized the Seven Sisters. The Kingdom of Saudi Arabia, as the only largest world oil producer, could leverage this. However, Saudi Arabia opted for the correct approach and maintained consistent oil prices throughout the 1970s. In 1979, the "second oil shock" came from

1850-574: The Netherlands has become a popular choice, as its company laws have fewer requirements for meetings, compensation, and audit committees, and Great Britain had advantages due to laws on withholding dividends and a double-taxation treaty with the United States. Corporations can legally engage in tax avoidance through their choice of jurisdiction but must be careful to avoid illegal tax evasion . Corporations that are broadly active across

1924-558: The OLI framework. The other theoretical dimension of the role of multinational corporations concerns the relationship between the globalization of economic engagement and the culture of national and local responses. This has a history of self-conscious cultural management going back at least to the 60s. For example: Ernest Dichter, architect, of Exxon's international campaign, writing in the Harvard Business Review in 1963,

1998-464: The Third World colonies. That changed dramatically after 1945 as investors turned to industrialized countries and invested in manufacturing (especially high-tech electronics, chemicals, drugs, and vehicles) as well as trade. Sweden's leading manufacturing concern was SKF , a leading maker of bearings for machinery. In order to expand its international business, it decided in 1966 it needed to use

2072-636: The U.S. applies its corporate taxation "extraterritorially", which has motivated tax inversions to change the home state. By 2019, most OECD nations, with the notable exception of the U.S., had moved to territorial tax in which only revenue inside the border was taxed; however, these nations typically scrutinize foreign income with controlled foreign corporation (CFC) rules to avoid base erosion and profit shifting . In practice, even under an extraterritorial system, taxes may be deferred until remittance, with possible repatriation tax holidays , and subject to foreign tax credits . Countries generally cannot tax

2146-541: The United States sanctions against Iran ; European companies faced with the possibility of losing access to the U.S. market by trading with Iran. International investment agreements also facilitate direct investment between two countries, such as the North American Free Trade Agreement and most favored nation status. Raymond Vernon reported in 1977 that of the largest multinationals focused on manufacturing, 250 were headquartered in

2220-506: The United States scrutinizes foreign investments. In addition, corporations may be prohibited from various business transactions by international sanctions or domestic laws. For example, Chinese domestic corporations or citizens have limitations on their ability to make foreign investments outside China, in part to reduce capital outflow . Countries can impose extraterritorial sanctions on foreign corporations even for doing business with other foreign corporations, which occurred in 2019 with

2294-614: The United States as the largest consumer and guarantor of the existing oil security order. Since the Iraq War, OPEC has had only a minor influence on oil prices, but it has expanded to 11 members, accounting for about 40 percent of total global oil production, although this is a decline from nearly 50 percent in 1974. Oil has practically become a common commodity, leading to much more volatile prices. Most OPEC members are wealthy, and most remain dependent on oil revenues, which has serious consequences, such as when OPEC members were pressured by

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2368-461: The United States from 2010. The USA became the leading oil producer, creating tension with OPEC. In 2014, Saudi Arabia increased production to push new American producers out of the market, leading to lower prices. OPEC then reduced production in 2016 to raise prices, further worsening relations with the United States. By 2012, only 7% of the world's known oil reserves were in countries that allowed private international companies free rein; 65% were in

2442-629: The United States, 115 in Western Europe, 70 in Japan, and 20 in the rest of the world. The multinationals in banking numbered 20 headquartered in the United States, 13 in Europe, nine in Japan and three in Canada. Today multinationals can select from a variety of jurisdictions for various subsidiaries, but the ultimate parent company can select a single legal domicile ; The Economist suggests that

2516-517: The United States, United Kingdom, Canada, Australia, and Singapore. The TCS BPS (Business Process Services) division had revenues of US$ 1.44 billion in FY 2012–13, which was 12.5% of the total revenue of TCS. TCS BPS has more than 45,000 employees who serve over 225 million customers across 11 countries. The rate of attrition in the BPS division during the financial year 2012–13 was 19.5%. The firm has also opened

2590-506: The United States, following Infosys , Cognizant , Wipro , and Satyam . In 2012, TCS and other Tata Group companies were the second-largest recipients of H-1B visas. Subramaniam Ramadorai, the former CEO of TCS, authored an autobiographical book titled The TCS Story...and Beyond about his experiences with the company. TCS is the title sponsor for Toronto Waterfront Marathon , London Marathon , Amsterdam Marathon , Mumbai Marathon , Lidingöloppet , and New York City Marathon and one of

2664-766: The VOC in 1799, and during the 19th century, other governments increasingly took over private companies, most notably in British India. During the process of decolonization , the European colonial charter companies were disbanded, with the final colonial corporation, the Mozambique Company , dissolving in 1972. Mining of gold, silver, copper, and oil was a major activity early on and remains so today. International mining companies became prominent in Britain in

2738-507: The West to the post-colonial South and invest either in foreign expenditures or ostentatious economic development projects. After 1974, most of the money from OPEC members ceased as payments for goods and services or investments in Western industry. In February 1974, the first Washington Energy Conference was convened. The most significant contribution of this conference was the establishment of

2812-469: The behavior of multinational corporations, given that they are effectively "stateless" actors, is one of several urgent global socioeconomic problems that has emerged during the late twentieth century. Potentially, the best concept for analyzing society's governance limitations over modern corporations is the concept of "stateless corporations". Coined at least as early as 1991 in Business Week ,

2886-508: The codes based on the users' needs. The research at TRDDC has also resulted in the development of Sujal, a low-cost water purifier, that can be manufactured using locally available resources. TCS deployed thousands of these filters in the Indian Ocean tsunami disaster of 2004 as part of its relief activities. This product has been marketed in India as Tata Swach , a low-cost water purifier. In 2007, TCS launched its co-innovation network,

2960-742: The collapse of the Shah's regime in Iran. Iran became a regional power due to oil money and American weapons. The Shah eventually abdicated and fled the country. This prompted a strike by thousands of Iranian oil workers, significantly reducing oil production in Iran. Saudi Arabia tried to cope with the crisis by increasing production, but oil prices still soared, leading to the "second oil shock." Saudi Arabia significantly reduced oil production, losing most of its revenues. In 1986, Riyadh changed course, and oil production in Saudi Arabia sharply increased, flooding

3034-654: The companies. This occurred in 1960. Prior to the 1973 oil crisis , the Seven Sisters controlled around 85 percent of the world's petroleum reserves . In the 1970s, most countries with large reserves nationalized their reserves that had been owned by major oil companies. Since then, industry dominance has shifted to the OPEC cartel and state-owned oil and gas companies, such as Saudi Aramco , Gazprom (Russia), China National Petroleum Corporation , National Iranian Oil Company , PDVSA (Venezuela), Petrobras (Brazil), and Petronas (Malaysia). A unilateral increase in oil prices

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3108-428: The company's total revenue for that period. During the same fiscal year, TCS recruited 69,728 new staff members, with 59,276 based in India and 10,452 located elsewhere. The employee attrition rate for that period was 10.6%, and the average age of a TCS employee is 28 years. The employee utilization rate, excluding trainees, for the fiscal year 2012–13 was 82%. In 2008, TCS was the fifth-largest recipient of H-1B visas in

3182-510: The conception was theoretically clarified in 1993: that an empirical strategy for defining a stateless corporation is with analytical tools at the intersection between demographic analysis and transportation research. This intersection is known as logistics management , and it describes the importance of rapidly increasing global mobility of resources. In a long history of analysis of multinational corporations, we are some quarter-century into an era of stateless corporations—corporations that meet

3256-462: The conversion process and facilitate implementation by third-party developers and clients. In late 1999, TCS introduced Decision Support System (DSS) solutions to the domestic market. In 1999, the company also registered its first tagline, "Beyond the Obvious." In 2001, TCS entered the bioinformatics segment, and three years later, launched India's first bioinformatics product. In 2003, TCS became

3330-643: The creation of a "world customer". The idea of a global corporate village entailed the management and reconstitution of parochial attachments to one's nation. It involved not a denial of the naturalness of national attachments, but an internationalization of the way a nation defines itself. "Multinational enterprise" (MNE) is the term used by international economist and similarly defined with the multinational corporation (MNC) as an enterprise that controls and manages production establishments, known as plants located in at least two countries. The multinational enterprise (MNE) will engage in foreign direct investment (FDI) as

3404-487: The current largest and most influential companies are publicly traded multinational corporations, including Forbes Global 2000 companies. The history of multinational corporations began with the history of colonialism . The first multi-national corporations were founded to set up colonial "factories" or port cities. The two main examples were the British East India Company founded in 1600 and

3478-694: The debate from a neo-liberal perspective in Storm over the Multinationals (1977). List of companies of India India is a country in South Asia . It is the seventh-largest country by area, the second-most populous country (with over 1.4 billion people ), and the most populous democracy in the world. The Indian economy is the world's fifth largest by nominal GDP and third largest by purchasing power parity . Following market-based economic reforms in 1991, India became one of

3552-481: The firm makes direct investments in host country plants for equity ownership and managerial control to avoid some transaction costs . Sanjaya Lall in 1974 proposed a spectrum of scholarly analysis of multinational corporations, from the political right to the left. He put the business school how-to-do-it writers at the extreme right, followed by the liberal laissez-faire economists, and the neoliberals (they remain right of center but do allow for occasional mistakes of

3626-428: The first Indian IT company to record $ 1 billion in revenue. On 25 August 2004, TCS became a publicly listed company after its initial public offering . In July 2005, Tata Infotech, which was until then a different IT subsidiary of Tata Sons , merged with TCS in a stock swap deal. Later that year, TCS changed its tagline from "Beyond the Obvious" to "Experience Certainty". In 2006, TCS developed an ERP system for

3700-405: The first half of the fiscal year 2021–22. As of September 2023, TCS had a total of 51 subsidiary companies in 55 countries. As of 2024, Tata Consultancy Services (TCS) operates from over 50 countries and more than 500 offices globally. In India, TCS has multiple delivery centers in major cities, including Mumbai, Bangalore, Chennai, and Hyderabad. It has significant operations in key markets such as

3774-730: The first time. In May 2013, TCS was awarded a six-year contract valued at over ₹ 11 billion (US$ 130 million) to provide services to the Indian Department of Posts . In 2013, the company moved from 13th to 10th place in the League of top 10 global IT services companies . In July 2014, it became the first Indian company to exceed ₹ 5 trillion (equivalent to ₹ 8.0 trillion or US$ 96 billion in 2023) in market capitalization. In January 2015, TCS became India's most profitable company, ending Reliance Industries Limited 's 23-year streak. In January 2017, TCS announced

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3848-416: The hands of state-owned companies that operated in one country and sold oil to multinationals such as BP, Shell, ExxonMobil and Chevron. Down through the 1930s, about 80% of the international investments by multinational corporations were concentrated in the primary sector, especially mining (especially oil) and agriculture (rubber, tobacco, sugar, palm oil , coffee, cocoa, and tropical fruits). Most went to

3922-521: The international oil market. Iran was unable to sell any of its oil. In August 1953, the then-prime minister was overthrown by a pro-American dictatorship led by the Shah, and in October 1954, the Iranian industry was denationalized. Worldwide oil consumption increased rapidly between 1949 and 1970, a period known as the 'golden age of oil'. This increase in consumption was caused not only by the growth of production by multinational oil companies but also by

3996-415: The internationalization of production. For the first time in history, production, marketing, and investment are being organized on a global scale rather than in terms of isolated national economies. International business is also a specialist field of academic research. Economic theories of the multinational corporation include internalization theory and the eclectic paradigm . The latter is also known as

4070-460: The largest recipients. However, 70% of foreign direct investment went into developed countries in the form of stocks and cash flows. The rise in the number of multinational companies could be due to a stable political environment that encourages cooperation, advances in technology that enable management of faraway regions, and favorable organizational development that encourages business expansion into other countries. A multinational corporation (MNC)

4144-474: The laws and regulations of both their domicile and the additional jurisdictions where they are engaged in business. In some cases, the jurisdiction can help to avoid burdensome laws, but regulatory statutes often target the "enterprise" with statutory language around "control". As of 1992 , the United States and most OECD countries have the donot legal authority to tax a domiciled parent corporation on its worldwide revenue, including subsidiaries. As of 2019 ,

4218-494: The market with cheap oil. This caused a worldwide drop in oil prices, hence the "third oil shock" or "counter-shock." However, this shock represented something much bigger—the end of OPEC's dominance and its control over oil prices. Iraqi President Saddam Hussein decided to attack Kuwait. The invasion sparked a crisis in the Middle East, prompting Saudi Arabia to request assistance from the United States. The United States sent

4292-543: The marketplace such as externalities). Moving to the left side of the line are nationalists, who prioritize national interests over corporate profits, then the "dependencia" school in Latin America that focuses on the evils of imperialism, and on the far left the Marxists. The range is so broad that scholarly consensus is hard to discern. Anti-corporate advocates criticize multinational corporations for being without

4366-585: The players’ fitness levels and for security purposes in the stadiums. TCS conducts an annual IT quiz for high school students called TCS IT Wiz . TCS also currently sponsors Jaguar Racing in Formula E and Nakajima Racing in Super Formula . On 14 February 2006, the US law firm Lieff Cabraser filed a nationwide class action lawsuit against TCS concerning payments to employees on deputation. This lawsuit

4440-560: The price collapse in 1998–1999. The United States still maintains close relations with Saudi Arabia. In 2003, U.S. forces invaded Iraq with the aim of removing the dictatorship and gaining access to Iraqi oil reserves, giving the United States greater strategic importance from 2000 to 2008. During this period, there was a constant shortage of oil, but its consumption continued to rise, maintaining high prices and leading to concerns about "peak oil". From 2005 to 2012, there were advances in oil and gas extraction, leading to increased production in

4514-611: The realities of the needs of source materials on a worldwide basis and to produce and customize products for individual countries. One of the first multinational business organizations, the East India Company , was established in 1601. After the East India Company came the Dutch East India Company , founded on March 20, 1603, which would become the largest company in the world for nearly 200 years. The main characteristics of multinational companies are: When

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4588-612: The sponsors of City2Surf , Australian Running Festival, Berlin Marathon , Chicago Marathon , and Boston Marathon . In India, it is the title sponsor of World 10K held in Bangalore every year. TCS has been a sponsor of the Indian Premier League team Rajasthan Royals since 2009. It also provides the team with technology to help in the analysis of player performance, simulation, and use of RFID tags for tracking

4662-501: The strong influence of the United States on the global oil market. In 1959, companies lowered the price of oil due to a surplus in the market. This reduction dealt a significant blow to the finances of producers. Saudi oil minister Abdullah Tariki and Venezuela’s Juan Perez Alfonso entered into a secret agreement (the Mahdi Pact), promising that if the price of oil was lowered a second time, they would take collective action against

4736-496: The world market, jobs for locals, and business and profits for companies. Cecil Rhodes (1853–1902) was one of the few businessmen in the era who became Prime Minister (of South Africa 1890–1896). His mining enterprises included the British South Africa Company and De Beers . The latter company practically controlled the global diamond market from its base in southern Africa. In 1945, the United States

4810-573: The world without a concentration in one area have been called stateless or "transnational" (although "transnational corporation" is also used synonymously with "multinational corporation" ), but as of 1992, a corporation must be legally domiciled in a particular country and engage in other countries through foreign direct investment and the creation of foreign subsidiaries. Geographic diversification can be measured across various domains, including ownership and control, workforce, sales, and regulation and taxation. Multinational corporations may be subject to

4884-411: The world's most valuable IT company with a market capitalization of over $ 144 billion. On 25 January 2021, TCS briefly reclaimed the title of the world's most valuable IT company from Accenture with a market cap of $ 170 billion. On the same day, TCS also became India's most valuable company, surpassing Reliance Industries . In May 2021, TCS, in collaboration with its consortium partner Neurotechnology ,

4958-503: The worldwide revenue of a foreign subsidiary, and taxation is complicated by transfer pricing arrangements with parent corporations. For small corporations, registering a foreign subsidiary can be expensive and complex, involving fees, signatures, and forms; a professional employer organization (PEO) is sometimes advertised as a cheaper and simpler alternative, but not all jurisdictions have laws accepting these types of arrangements. Disputes between corporations in different nations

5032-667: Was amended in January and December 2015. In April 2016, a US jury imposed a US$ 940 million fine on TCS and Tata America International Corp in the trade secret case, which was reduced to US$ 420 million in 2017. In 2020, an appeals court ruled that the US$ 280 million in punitive damages was "constitutionally excessive", but upheld the remaining portion of US$ 140 million in compensatory damages. The case concluded in November 2023, with TCS agreeing to pay US$ 125 million. In 2019, an employee filed

5106-438: Was enabled by multinational corporations known as the 'Seven Sisters'. The "Seven Sisters" was a common term for the seven multinational companies that dominated the global petroleum industry from the mid-1940s to the mid-1970s. The nationalization of the Iranian oil industry in 1951 by Iranian Prime Minister Mohammad Mosaddegh and the subsequent boycott of Iranian oil by all companies had dramatic consequences for Iran and

5180-476: Was filed on behalf of all non-US citizens employed by TCS in California from 14 February 2002 to 30 June 2005. The workers alleged that they were compelled to forfeit their federal and state tax refunds to their employer and that their Indian salaries were wrongfully deducted from their US pay. On 22 February 2013, TCS agreed to settle the class-action suit for $ 30 million. In July 2013, Judge Claudia Wilken of

5254-448: Was fully aware that the means to overcoming cultural resistance depended on an "understanding" of the countries in which a corporation operated. He observed that companies with "foresight to capitalize on international opportunities" must recognize that " cultural anthropology will be an important tool for competitive marketing". However, the projected outcome of this was not the assimilation of international firms into national cultures, but

5328-546: Was labeled as "the largest nonviolent transfer of wealth in human history." The OPEC sought immediate discussions regarding participation in national oil industries. Companies were not inclined to object as the price hike benefited both them and OPEC members. In 1980, the Seven Sisters were entirely displaced and replaced by national oil companies (NOCs). The rise in oil prices burdened developing countries with balance of payments deficits, leading to an energy crisis. OPEC members had to abandon their plan of redistributing wealth from

5402-669: Was selected by the Unique Identification Authority of India (UIDAI) to provide biometric technology for the Aadhaar digital ID program. The Aadhaar program, which has a database of over 1.3 billion citizens, has been described by World Bank Chief Economist Paul Romer as the "most sophisticated ID program in the world." In October 2021, N. Ganapathy Subramaniam, the COO of TCS, announced that its platforms and products business, including its SaaS -based platforms,

5476-513: Was the world's largest oil producer. However, their reserves were declining due to high demand. Therefore, the United States turned to foreign oil sources, which had a significant impact on the recovery of the West after World War II. Most of the world's oil was found in Latin America and the Middle East, particularly in the Arab states of the Persian Gulf. This increase in non-American production

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