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.



SPOTLIGHT
Facebook denies cyber attack
Facebook ruled out a cyber attack on its products Whatsapp, Instagram and Messenger, which suf..
IBM announces programme
n a bid to recognise the contribution of developers in the open source community, Information ..
Google's Gboard gets offline
Google is adding an Artificially Intelligent (AI) offline dictation feature on its Gboard keyb..
Wipro opens third industrial
IT major Wipro Ltd on Thursday opened its centre of excellence for Industrial Internet of Things (..