Mumbai: Tata Consultancy Services (TCS) has formed an alliance with the Bangkok-based Thai Re-Insurance Public Corporation to establish a company called Firstech Solutions. The alliance company will offer IT outsourcing services using an applications service provider (ASP) model to insurance providers in Thailand. TCS will hold 20 per cent stake in Firstech, while the remaining 80 per cent will be with Thai Re. The alliance company has already secured a five-year IT outsourcing deal with Falcon Insurance, making Falcon the first insurance company to outsource using the ASP model. Separately, TCS is setting up a subsidiary in Thailand. It has got clearance from Thailand''s Board of Investment to invest 32 million Baht ($1,016,485) in the IT sector of Thailand. The subsidiary will aim domestic clients in the banking, telecommunication and the Government space.
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