Our Corporate Bureau
Mumbai, July 11
In a bid to consolidate its position in the
largest IT market in the world. ITC Infotech India Ltd has invested $2 million in its US
subsidiary.
In accordance with the approval of the
shareholders, ITC Ltd restructured its information technology business into a wholly owned
subsidiary named ITC Infotech India Ltd. In May 2001, ITC also sold its entire holding in
ITC Infotech Ltd. UK to ITC Infotech India Ltd. with due approval from the Reserve Bank of
India.
Subsequent to the acquisition of ITC
Infotech Ltd. UK, the company has acquired direct holding of the entire equity of ITC
Infotech (USA) Inc.
ITC Infotech India Ltd. seeks to leverage
its accumulated domain knowledge with the aim of exploiting the significant global
opportunities in the IT business. In pursuit of its key strategy of using offshore
development to provide high quality software services to international clients, the
company set up its global development centre in Bangalore. This development centre is
already among a select few IT units in the world to have earned the SEI CMM Level 5
certification, the highest quality accredition for an IT company.
According to the company report,
"Notwithstanding the recent slowdown in the US and European markets, ITC is confident
that ITC Infotech India Ltd. with its focussed strategies and unique skill-sets, can
rapidly build a leadership position in its chosen segments."
The company has also created several
centres of excellence in select high growth technologies, including the first Microsoft
Centre of Excellence for e-commerce in South Asia.
The company continues to actively seek
partnerships with industry leaders in various emerging technology areas, in order to
enrich its service offerings.
Towards this end, it has concluded
strategic alliances with Sun Microsystems, Microsoft Corporation and Parametric
Technologies Corporation to acquire high-end technical competencies including those
relating to e-business integration, collaborative content management, collaborative
product commerce and internet application servers.