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Non-Tech : ICICI Ltd - (Nyse: IC)
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To: Mohan Marette who wrote (9)12/18/1999 4:13:00 PM
From: Mohan Marette  Read Replies (1) of 494
 
ICICI in sets up ICICI Ventures to nurture IT start-ups

Our Mumbai Bureau
18 December

ICICI is setting up two funds under its venture capital arm, ICICI Ventures, to promote Indian start-ups in the information technology and Internet businesses. Speaking at the India Calling seminar for overseas Indians organised by the Indian Merchants Chamber (IMC), Ms Lalita D Gupte, joint managing director, ICICI said that the fund will also provide office space in Bangalore for such start-ups to nurture them for an initial period (six to 12 months).

Similarly, global investment bank Morgan Stanley has decided to set up a remote processing centre in India, which will cater to the processing and other back-office requirements of its UK and European operations.

These are the latest proofs of the growing significance of India as a centre for information technology-related activities. And herein lies the opportunity for investors to join the bandwagon and earn handsome returns. This was the favourite refrain of experts as they exhorted overseas Indians to partake of the information technology boom in which India was turning out to be one of the centres of attraction.

"Information technology will do for the Indian economy what oil did for Arab countries in the 60s and 70s and exports did for Asian Tiger economies in 80s and 90s," chorused Hareesh Tibrewalla, president Multinet Infosys Pvt Ltd, and KN Vaidyanathan, vice-president Morgan Stanley Asset Management.

economictimes.com
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