Indian IT companies have been focusing on Europe to reduce their US dependence, where protectionist economic policies and slower spending by large banks is putting a crimp on growth.

Acquisitions have been a key part of their Europe strategy. This week HCL Tech announced an acquisition in Germany. While the growth is faster from the region, the base is still small compared to the US.

In 2014, TCS told analysts that France would be a $1billion business by 2019, EThas reported. “It has been slower than what we originally thought but it has turned in a double-digit year... It’s still a small base. It’s a $200 million base,” TCS CEO Rajesh Gopinathan told ET in a recent interview.

“We are quite positive on the market because it is tough market culturally. You need to wait to participate in an upturn when it comes. You don’t run in when a market is hot. France will turn in the medium term and as when the activity returns, we will benefit.”

TCS has been building up its France business since its Rs 530 crore acquisition of Alti in 2013. The company has built French language skills in India by training employees at the language school Alliances Francaise. The company opened its second centre in Paris earlier this month.

Gopinathan, who spoke to ET before the company’s first-quarter silent period began, said TCS was working with large French customers.

“Some very good work has started now with one of the big automotive majors there, in the utilities space, in the automotive space, in the pharma space. Very marquee names have come on board. We are restructuring and integrated it and it is helping us go to the market strongly.”

Continental Europe is a $2.5 billion market for TCS, and the company has strong deals in the Nordics.