Saturday, October 18, 2008

HCL Tech focusing on domestic markets

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HCL Technologies, India’s leading offshore IT and software development company, is focussing on the domestic markets and the Middle East. This comes close to the heel of beating Infosys and winning Axon deal.

As public sector banks are known to be the hot favourites of Indian IT companies, HCL Technologies is already all set to seal deals from two Indian public sector owned financial institutions, for Rs 600 crore.

Kiran Bhagwanani, Country manager of India and the Middle East at HCL Technologies, said, "The PSU banks and institutions are quite seriously preparing for the year 2009. The Rs 600 crore contract is primarily about application development and automation. We see the momentum in demand from PSU bank to increase in the next 12-18 months."

The company, in the Middle East is also set to bag an Rs100 crore order from a Saudi retailer and has recently won a contract from an UAE based bank. Thus, it added up to over Rs1700 crore worth of business from India and the Middle East.

Although non US geographies are a clear focus for the Indian IT brigade, experts point out the tough competition from global biggies like IBM and HP, that are way ahead in the curve.

Milan Sheth, Partner, Advisory Services at Ernst & Young, said, "I would say that the Indian IT companies have come late to the game. The global biggies are the one who have the largest deals, be it IT services or BPO market in India."

Although the emerging markets and the Middle East might not be a substitute for lucrative markets like the US and Europe, but they certainly can help the Indian technical pack to survive in this recessionary conditions.
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