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ITC Infotech, the fully-owned subsidiary of tobacco major ITC, aims get to move away from the parent company by bringing down the share of ITC in the company’s revenue to less than 10 per cent in the next two years. Speaking to The Financial Express ITC Infotech managing director Sanjay Verma said, "I don’t want to be an extended arm of ITC. I want to be a company of my own and business from ITC will be like any other business." At present the share of revenue from ITC is around 30 per cent.

"When ITC Infotech was floated in 1999, 95 per cent of the business was from ITC. In 2000 it was 40 per cent and in the current fiscal it will be around 30 per cent. The target is to bring it down to around 10 per cent of the total business," he added.

However, Mr Verma made it clear that this did not mean that ITC had cut down on IT spending. In fact it was going up but we are also growing, he said. ITC Infotech, which recently entered into a strategic tie-up with the US-based Interwoven, a leading knowledge management company, operates in the niche area of high-end systems integration.

ITC Infotech has bought the two subsidiaries of ITC (the parent company) operating with the same name (ITC Infotech) in the US and the UK, to make it a Rs 72-crore company last year. The Indian company’s turnover was Rs 13 crore in the last fiscal.

"We are a very small company at present, but we aim to become a significant player in the next two to three years. I am sure by that time we will carve out our niche in the market," Mr Verma said.

At present ITC Infotech gets 45 per cent of its revenues from Europe, 25 per cent from the US and the rest from other parts of the world. But Mr Verma said the company was readying aggressive business plans for the US to take advantage of the revival of the economy there.

On the billing rates he said it varied according to the region and projects.