Since the early days of its software industry in the 1980s, nearly all of India’s large IT companies have earned their crust selling software to companies in America, who have tended to be more open to outsourcing than competitors in Europe and Asia.
But for how much longer? Not that long in the case of Tata Consultancy Services at least, the country’s largest IT group by sales, which soon looks set to earn more than half of its revenues outside the US for the first time, according to chief executive Natarajan Chandrasekaran. Read more
The Central Bank of India is on the hunt for business in Kenya. A government-controlled commercial bank whose branch network runs to 4,200, Mumbai-based CBI has become the east African country’s sixth foreign bank authorised to establish a representative office. Read more
When Indian IT company Infosys announced its $350m acquisition of Swiss management consultancy firm Lodestone on Monday, it was proof that the company, struggling against rivals Cognizant and Tata Consultancy Services, was ready to spend some of its $3.7bn cash reserves to help it develop more upmarket products.
But few other Indian companies – cash rich as they might be – have seen fit to do likewise abroad, according to data from Dealogic. Read more
Aim for the Hollywood sign, and then head about 9 miles southeast.
India’s Sahara Group is in the initial stages of talks to buy a majority stake in the Beverly Hilton Hotel. While he would not confirm the exact details, the Economic Times reported on Wednesday that the company was in talks to pay around $340m for a 55 per cent stake from US-based Oasis West Realty.
The hotel – whose ballroom holds the Golden Globe Awards each year – won’t be Sahara’s first foray into iconic luxury hotels. Earlier this year it bought a controlling stake in New York’s famed Plaza Hotel for $570m; the company also bought London’s Grosvenor House Hotel for $726m in 2010. Read more