Most Indian IT service providers depend on visas to send their employees to client sites in the US, and their operations (albeit to varying degrees) is expected to be impacted if the new law comes into force.

"We are in constant conversation with clients. They understand that it is an industry issue. We are talking to them to put in place a plan in case the Bill becomes a law," Shibulal added.

On the immigration bill, Infosys CFO Rajiv Bansal said: "Outplacement clause is a big concern. It is a show stopper. It prevents from placing the employee at client site and that is a big problem. But, we will have to wait and see the final outcome of the bill."

He, however, added that one of the strategies that Infosys is looking at is off-shore work, which the company feels will not only reduce client spending but also boost margins.

"Any increase in on-site effort increases the margins. So from a margin perspective it is better to have more and more work done off-shore. And this is one of the strategies, which we would be looking at in case the immigration bill goes ahead in its current form.

Even if the immigration bill does not have this clause, I think as a long-term strategy we have to look at moving more and more of our work off-shore to be able to get better value to the client. It also helps us in getting better value. It is a win-win situation for both," Bansal said.

He further added: "I think the long-term strategy would focus in getting work done off-shore, from India."

While there have been arguments against the Bill, top American technology companies including Google, Yahoo, Microsoft and Cisco have said this bill would give a big boost to the economic growth and attract high skilled workers into US.

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