Indian IT firms may be hurt by California utility bankruptcy, says report
Updated : January 31, 2019 09:45 AM IST
PG&E Corp, owner of the largest US power utility, filed for bankruptcy protection on January 29, in anticipation of liabilities in excess of $30 billion from the deadliest wildfires in California's history.
PG&E, which provides electricity and natural gas to 16 million customers in northern and central California is held responsible for faulty equipment that led to the massive wildfire which resulted in tens of people dying and thousands of homes and businesses destroyed.
TCS had won a multi-year, multimillion dollar outsourcing deal from the electric company in 2017, which led to blowback from anti-offshoring activities, the report said.