IBM aims at $1 Bn India by year-end

By siliconindia   |   Tuesday, 11 December 2007, 17:09 IST
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New York: Fuelled by major client wins in the Indian market, IBM on Friday said the expected income from its India business to approach $1 billion by the end of 2007. "IBM India's revenue stood at $0.7 billion during 2006. The growth rate year-to-date (up to September 2007) has been 39 percent and given the current run rate, we will approach a revenue of $1 billion by the year-end," Jesse J. Greene, Vice President, Financial Management, IBM, told Business line. In the year 2006, the company had registered a growth rate of 37 per cent in India, he added. The annual growth percent was over 49 percent between the year 2002 and 2006 he added. "We have seen a broad-based growth overall, with SMB growth rate at 35 percent, financial services at 34 per cent, and telecom at 58 per cent, during these years. The factors driving our growth include competitive offering, effective sales force, strong brand name and technology base, and ability to offer a broad combination of hardware, software and service offerings," he said. The company employed 53,000 professionals in India in the year 2006. In May 2007, IBM signed a $45 million, five year services agreement to modernise Central Board of Direct Taxes (CBDT) IT infrastructure. In April 2007, Delhi International Airport selected IBM to modernise key business processes to meet burgeoning air traffic in the country.