ITC plans to take ITC Infotech public: Deveshwar
23 Mar 2007
Mumbai: ITC Limited is planning to come out with a public issue for its information technology (IT) business, ITC Infotech, and hive it off as a separate company over a period of time, its chairman Y C Deveshwar said.
"It (ITC Infotech) is structured as a separate company, not as a division. That''s the only business that we structured as a separate company. That indicates that at a point of time, we could (take ITC Infotech public)," he said on the sidelines of a conference organized by CII.
He, however, said nothing is on the anvil as of now, but added that every other business is a division and the reason for structuring ITC Infotech.
"Nothing is planned as of now", Deveshwar said, adding, "But we don''t know yet whether that (making ITC Infotech public) is the right route. But if we did want to, we could".
ITC Infotech is a $64 million company with a headcount of over 4,200 employees. The Tier-II firm competes with the likes of the global service providers like HP, IBM and Accenture and also tier-one Indian players for enterprise system integration solutions, infrastructure and testing services projects.
Some of its clients include British American Tobacco, Abbey National Bank, Finnair, DHL, PTC and Unilever. Around five per cent of the company''s revenues come from ITC.
The company has a joint venture with Client Logic, which provides technical support and voice-BPO services to clients worldwide. ITC Infotech has offices across the US, UK, Europe and Asia Pacific, and delivery footprint across 42 countries.
February this year, the company was ranked amongst the
top 10 specialty application development providers'' in
the 2007 `Global Services 100'' listing. The company has
now featured in this annual listing of Top 100 Global
Service providers consecutively for three years.
Last May, the company ramped up its presence in the US by strengthening its sales and marketing efforts. Having notched $64 million in revenues last fiscal, the company is hoping to outpace the industry growth with a CAGR of 85 per cent.
Besides banking, financial services and insurance (BFSI), the company focuses on three other verticals its parent company ITC''s own businesses-travel and hospitality, consumer packaged goods and retail, and manufacturing. ITC Infotech also has an advanced technology division that works on incubating technologies and processes. It is now also focusing on RFID.
What is a Ponzi scheme?
By Aniket Gupta | 06 Dec 2023
Ponzi schemes have long captivated the public imagination, drawing unsuspecting investors into a web of illusion and deception.
The Rise and Rise of HDFC Bank
03 Jul 2023
HDFC, which surged ahead of global majors like HSBC Holdings Plc and Citigroup Inc and left Indian peers like State Bank of India and ICICI Bank in market capitalisation, now ranks fourth largest among the world’s most valuable banks, after JPMorgan Chase & Co, Industrial and Commercial Bank of China Ltd and Bank of America Corp
India’s Millet Revolution To Enrich Global Food Basket
02 Apr 2023
Millets, a healthier and cheaper substitute to wheat and rice, are indigenous to many parts of the world, especially in the semiarid tropics of Asia and Africa, and offers a big scope for expanding production and consumption in the foodgrain deficient African continent
Market predator Hindenburg preys on Adani stock
06 Mar 2023
Almost a month after the damning report of short-seller Hindenburg Research on the Adani Group that claimed that the seven stocks within the group were about 85 per cent overvalued, one of the group's stocks, Adani Total Gas, closed at Rs835 on the BSE, down nearly 79 per cent from its 24 January level, almost close to reaching that valuation