TCS, which is owned by India’s biggest industrial conglomerate, provides IT, consultancy and outsourcing services in Mexico, Argentina, Chile, Uruguay, Brazil, Ecuador and Peru.
“We have a very aggressive growth project in Latin America for the next five years, we want to more than double our sales to over $1 billion,” Alejandro Valenzuela, manager for Peru, Chile and Ecuador, told Reuters in an interview.
“Latin America is really relevant to TCS because it has one of the fastest rates of economic growth,” Valenzuela said. The region will grow up to 5 percent this year, according to the International Monetary Fund (IMF).
The economies of Brazil, the regional giant and member of the BRIC group of big emerging markets alongside Russia, India and China, and Peru will expand by about 7 percent this year, according to the IMF. Valenzuela said the financial sector is central to the company’s Latin America operations.
“The financial sector is the most relevant to us, because there is intensive use of technology,” he said, adding that TCS was also looking for opportunities in the retail and mining industries. In Peru, where TCS entered recently, the company is looking to the mining sector and the consultancy already has clients including Xstrata Plc. Software services companies are expanding rapidly in emerging markets in Latin America and Asia.