Financial Daily from THE HINDU group of publications
Saturday, Feb 28, 2004
Financial Daily from THE HINDU group of publications Saturday, Feb 28, 2004 |
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Info-Tech
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Outsourcing State Street mulls outsourcing deals Abhrajit Gangopadhyay
Bangalore , Feb. 27 TOP US mutual fund servicer and largest offshore fund servicer, State Street Corporation, is looking at its maiden outsourcing deal to India. The company is in talks with Wipro Ltd and Tata Consultancy Services for offshoring and MphasiS for business process outsourcing. The deal size could be close to $50 million to begin with, spread over four to five years, industry sources said. State Street chose not to respond to Business Line's queries on the deal. Companies, both in India and the US, have maintained secrecy over the new deals tracking growing backlash against outsourcing. The company's focus on India could well be in the backdrop of increasing liberalisation of the pension sector. The top US pension servicer could well eye a share of this pie in future and hence forge a vendor-relationship in the country now. The company has budgeted 20-25 per cent of its operating expenses annually to technology and has an in-house team of close to 3,000 technology professionals across its global offices. "State Street's indication of a $50-million maiden India-outsourcing deal hints at bigger offers in the pipeline... of course, it would depend on the execution expertise of the local vendors... but we sense a lot of traction in the banking, financial services and insurance sector", a technology analyst with a foreign brokerage said.
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