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L&T Infotech, Fidelity to offer IT solutions in India
By siliconindia staff writer
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Tuesday, 25 May 2004, 19:30 IST
MUMBAI: Larsen & Toubro Infotech Ltd (L&T Infotech) has partnered with Fidelity Information Services (Fidelity), a division of Fidelity National Financial Inc, to offer information technology solutions to clients in Indian banking sector.
Under the deal, L&T Infotech would offer Fidelity's core banking, trade finance, retail banking, offshore banking, cash management and other ancillary banking solutions to banking and financial sector companies in India, L&T Infotech chief executive VK Magapu said in Mumbai on Tuesday.
The alliance would bring in world-class business solutions to Indian banking industry, which is presently upgrading its IT systems to tide over global competition, he said.
The revenue sharing between the companies would be on a case-to-case basis and depending on the projects, he said, adding the companies expect a "rapid" growth in both business and revenues from the country.
L&T Infotech is a wholly-owned subsidiary of L&T Ltd.
Meanwhile, Fidelity General Manager (South Asia) Rajiv Madane said that the company's spend world over for R&D and acquisitions would be in the tune of $0100-110 million per year.
The spend would be mainly for enhancing product value and to put the company on a growth path through an inorganic method, he said.
However, he declined to provide further details of the plans, but said that the company had spend a similar amount during the last three years.