NATIONAL UTI MF acquires IL&FS MF; assets over Rs 22,400 cr In a major acquisition, UTI Asset Management Company (UTI MF) today (Feb 5, 2004) took over all the schemes of IL&FS Mutual Fund having assets under management (AUM) of over Rs 2,400 crore, making UTI MF the largest fund house in the country.
'India Power Fund' launched to attract investment In a major financial assistance for the power sector on the eve of dissolution of Lok Sabha, Government today (Feb 5, 2004) launched 'India Power Fund' which would have a corpus of Rs 7000 crore over a period of time.
US downplays its 'protectionist' law on outsourcing The US today (Feb 5, 2004) sought to downplay concerns in the Indian IT industry over the recent American legislation curbing outsourcing of federal contracts saying it had a "narrow scope" with regard to its overall impact but made it clear that international trade was a two-way street.
Wipro, Infosys vehemently deny Visa abuse charges Software majors Infosys and Wipro today (Feb 5, 2004) denied charges by American labour organisations that that they had abused L-1 Visa regulations.
Don't call India an IT superpower: Narayana Murthy After two decades of being in the Information Technology (IT) business, India is still a "toddler" with only two per cent of global market share, according to N R Narayana Murthy, chairman and chief mentor, Infosys Technologies Ltd.
Xansa to set up back office for Lawson in Chennai IT company Xansa will set up an offshore development centre in Chennai for the US-based Lawson Software to manage its ERP product maintenance services.
We need to convince US about BPO benefits: Murthy In the wake of a spate of Bills in the United States seeking ban on outsourcing to countries including India, Infosys Chairman N R Narayana Murthy today (Feb 4, 2004) said Indian companies have to work with their US customers to convince the local government and politicians on the advantages of outsourcing.
INTERNATIONAL Half of UK's rail queries to come to India Indian call centres came in for high praise from the National Rail Enquiries (NRES) in London, as it planned to switch half of the 50 million calls it receives each year to Bangalore and Mumbai and save as much as 25 million Pounds in five years.
Infosys, Wipro, TCS abusing L-1 visas: US unions Amid growing resentment in the US against outsourcing, labour organisations in US have accused Indian IT majors Wipro, Tata Consultancy Services and Infosys Technologies of "abusing" the L-1 visa programme to bring in cheap manpower to take over American jobs.
Promod Haque, Vinod Khosla top Forbes' Midas list For the second year in succession, two Indians - Promod Haque and Vinod Khosla - have topped Forbes magazine's annual Midas list which ranks people who most successfully use venture capital to create wealth for their investors.
71 pc growth in Indian IT exports to Middle East Indian Information Technology exports to the Middle East have grown at a phenomenal rate of 71 per cent in 2002-2003 over the previous year though competition from countries like Ireland, the Philippines and China was picking up, a top IT official said.
India to answer half of British rail queries At least half of all calls to National Rail Enquiries in Britain will be handled from India under a 100 million Pounds contract awarded last evening.
