NTT Data Corp, the IT services branch of Japan's biggest telecoms company NTT Group, said its Chinese business received 10 billion Japanese yen ($123 million) in revenue last year and expected the figure to be quintupled by 2017.

NTT Data previously owned 13 majority-owned subsidiaries in China. The company announced on Wednesday that it has completed the consolidation of two subsidiaries and set up a new firm named NTT Data (China) Investment Ltd.

The new subsidiary will lead NTT Data's overall business in China and will have headquarters in Beijing.

NTT Data said it has about 4,000 staff in China. The company was ranked sixth in China's software outsourcing industry and had an average annual growth rate of 35 percent over the past few years.

Globally, NTT Data operates in 36 counries and 150 cities worldwide.

Its annual sales reached $15 billion in 2011 and it has more than 60,000 staff.