Fears that soaring Greek budget deficits and violent street protests could infect other euro zone countries sparked a sell-off that had pushed the euro currency to a nearly four-year low versus the US dollar after losing 8% this month. But the euro has rebounded 1.6% versus the dollar and 1.4% versus the yen in the last few days. In an interview with CNBC-TV18, N Chandrasekaran, CEO & MD, TCS spoke on a host of issues including the weakening euro and pound impacting revenue and its Passport Seva project for the government, which was inaugurated today. Below is a verbatim transcript. Also watch the accompanying video. Q: Everyone has been talking about the European volatility. Your exposure to Europe is limited that said what you think are going to be the long-term repercussions? A: At this point of time we are carefully watching the European situation. We have about 26% of revenues coming from Europe. It used to be 30% thanks to the European currencies the British sterling and euro weakening, our revenues, as a share of overall revenues has come down. But we are not seeing any immediate impact in terms of our business in Europe; all projects as well as contracts are on track, there have been no alarms at this point in time but the currency situation is a bit worrying because both the currencies are weakening, there are predictions on whether they will stay where they are or they will continue to weaken. So to that extent we got to see some impact in the revenue line. But from a long-term point of view we are staying fully committed to Europe, we want to diversify, we see lots of opportunities and we will continue to invest and grow in Europe. Q: Your peers have said that emerging markets are starting to look even more exciting than they were earlier because we saw what happened in US and now Europe seems to be on the boil, your thoughts on that. A: We have always said that the emerging markets are exciting. Not now we have said it years ago. We've been in the Indian market heavily invested for decades. We went to Latin America in 2002; we have built a very healthy business in Latin America, we are present in multiple countries, we have close to 8500 people, we do business of about USD 300 million a year and we do have significant presence in Asia. The total emerging market revenues is about USD 1.2 billion. So we are excited about emerging markets. We have an approach toward clients, we have a Global Network Delivery Model (GNDM) strategy, which helps all our global multiple international clients to have successful penetration and IT support in the emerging markets through our delivery centres. We have a strong solutions footprint across verticals which help us to serve all international companies in the emerging markets.

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