Software Centre In Bangalore
IBM World Trade Corporation, the overseas investment arm of the $ 79 billion IBM Corporation has received the Foreign Investment Promotion Board (FIPB) nod to set up a software development unit in Bangalore.
IBM World Trade will pick up an equity stake of 80 per cent in the venture at an initial investment of Rs 72 crore.
The IBM proposal includes an export obligation of Rs 806.4 crore over a period of five years.
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IBM already has a presence in the country through its joint venture with Tata Information Services Limited (TISL) in which 50 per cent equity stake is held by IBM World Trade, the offshore investment arm of the company. TISL, headquartered in Bangalore, sells IBM's mainframe and other computer hardware in the country.
IBM has a global policy of having dedicated companies for its services division.
Thus, in most countries, the services division comes under a separate company which is directly controlled by IBM.
In most of the countries, IBM has a presence either through wholly owned subsidiaries or through joint venture with local partners.