3i Infotech to form joint venture with China's Yucheng
Wednesday, 20 February 2008, 23:07 IST
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Mumbai: Global provider of IT solutions 3i Infotech signed a non-binding memorandum of understanding (MOU) with Chinese company Yucheng Technologies (YTL) to set up a joint venture. The Beijing-headquartered YTL is a leading IT solution provider to Chinese banks and financial services. The new company, to be formed in China, will be operational in next two to three months, said a statement issued by Infotech Tuesday. According to the agreement, both the companies will combine their expertise to offer services to the existing clients of YTL. Commenting on the development, V. Srinivasan, managing director and chief executive of Infotech, said: "With Yucheng's focus on and deep knowledge of the banking industry in China and its dynamics, the synergies between their business goals and those of 3i Infotech made them a natural choice for our foray into China."
Source: IANS
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