The agreement will mean that a new company, a subsidiary of TCS, will be set up and will employ about 950 of Pearl Group's current 1,100 staff, with about 150 staying with Pearl.

This deal is expected to generate for TCS revenues of over 480m pounds ($847m) over the next 12 years as a result of creating a new platform beyond IT services.

The new subsidiary will specialise in BPO for life and pension businesses, starting with Pearl Group's closed books portfolio. It will also focus on offering similar services to other life companies, presenting it with an opportunity for significant future growth as Business Process Outsourcing (BPO) is rolled out across the life assurance industry.

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