L&T Infotech, Fidelity to offer IT solutions in India
Facebook Twitter google+ RSS Feed

L&T Infotech, Fidelity to offer IT solutions in India

By siliconindia staff writer   |   Tuesday, 25 May 2004, 07:00 Hrs
Printer Print Email Email
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.



Experts on SiliconIndia
Santhosh  K
Sr. Soft. Engg.
Oracle India
Nehal Vyas
Sr. Team Lead
Cyberoam Tech.
Rani Malli
Sr. Director
Philips
Sr. Executive
ISB
Vijay Balkrishna Konduskar
Business Consultant
Imans Web Tech
Dr L P  Sharma
Technical Director
NIC
Reena Khanna
Founder
Solitaireworld
Dellas  Asse
sys-network admin
Computer Station
Write your comment now
Submit Reset