ICICI Infotech to focus on banking
icici.com
Feb.07,2000
By Tina Chopra Karkhanis
Business Times Bureau
MUMBAI: ICICI Infotech--a 100 per cent subsidiary of ICICI--is looking for forays into strategic IT markets like US, Europe, UAE and Australia.
Speaking to The Times of India ICICI Infotech MD V Srinivasan said "in a month or two we would be setting offices in any of these centres."
"As a part of ICICI Infotech's global expansion plans, we are evaluating possibilities of setting up branch offices or subsidiaries in strategic markets like US, UAE, Germany and Australia. In other places where we can leverage a local advantage by entering into a joint venture or strategic alliance, we would get into an arrangement with a local market player," he added.
"We have recently acquired Rohan Software Pvt Ltd and are actively looking for acquisitions within India which would be compatible with our business plan," he added.
The company has already entered into a strategic alliance with System Access, Singapore and TIBCO, USA for implementing application software solutions and middle ware solutions for any of the global projects that ICICI Infotech undertakes.
Explaining its core competencies, Srinivasan said "We can provide integrated service in banking and financial services sector in which we have complete domain expertise. We wish to leverage it completely as a part of our business strategy. Apart from this we would also be focussing on providing middle ware solutions and help companies in adapting to the Web-enabled business model."
He said that the company would be focussing on vast business opportunities in Web-enabling smaller US banks. "In the domestic market, we are in talks with stock exchanges in the country for providing them software solutions."
"We have developed complete gamut of software solution for ICICI right from its securities and retail banking to the website. Work is also underway in creating our payment gateway and hopefully its would be the first payment gateway in the country," Srinivasan said.
ICICI MD KV Kamath had recently announced that the payment would be functional by April this year.
"Over a period of next two to three years, our work for ICICI would be source of 50 per cent of our revenues. But eventually our revenues from work for other banks and companies would amount to 90 per cent of our turnover," he projected.
In the coming year, we wish to consolidate our position in India. In this process we would be looking for acquisitions and strategic alliances. We will earmark one fifth of our annual revenue for expansion purposes. However, he did not disclose any future projection figures in light of ICICI Banks' proposed listing on Nasdaq. |
