HCL Tech in JV with Celestica

By siliconindia   |   Wednesday, 15 November 2006, 20:30 IST
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New Delhi: HCL Technologies announced a partnership with Canadian- based firm Celestica Inc. The Joint Venture between the IT services company and the electronic manufactures is the company’s attempts to provide concept-to-manufacturing solutions. Business analysts in the company estimated cumulative revenue of more than $100 million over five years of this venture. Not surprisingly, shares in HCL Technologies, India's fifth-largest software services exporter with a market value of $4.6 billion, rose as much as 2.3 percent to 640 rupees Bombay Stock Exchange soon after the announcement. The firm would be responsible for designing electronic components, which Celestica Vineet Nayar, president at HCL Technologies said that HCL would benefit from the additional revenue stream and access to a new set of clients, Nayar said. HCL Technologies, based on the outskirts of New Delhi, said it would set up a design center in Chennai that will be initially staffed by 200 people.