Tata signs sponsorship deal with Ferrari

Indian technology giant Tata Consultancy announced on Thursday a sponsorship deal with Formula One team Ferrari, bucking predictions that the sport could collapse in the global economic crisis.

Indian technology giant Tata Consultancy announced on Thursday a sponsorship deal with Formula One team Ferrari, bucking predictions that the sport could collapse in the global economic crisis.

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Tata Consultancy Services (TCS) will display its logo on Ferrari cars during the 2009 season, a company statement released in Mumbai said.

"TCS has entered into a historic agreement with Ferrari for an enhanced technology and marketing partnership," it said, without giving financial details of the deal.

Last week Formula One agreed cost-cutting measures following a meeting of the FIA World Motor Sport Council in Monaco.

The sport's governing body is clamping down on costs as it struggles to survive the global credit crisis.

Honda's recent shock withdrawal from the Formula One raised fresh fears over the future of the multi-million dollar sport.

TCS has been a technology partner of the Ferrari team since 2005.