ICICI Info presages products prop

ICICI Infotech Ltd, the information technology service company of the ICICI Bank group, is expecting 50 per cent of its topline to come from products offerings over the next two to three years.

The company, in the fiscal 2003-04, will be reporting a topline of Rs 230 crore with 25 per cent of this contributed by its products in the banking, insurance and ERP segment.

Apart from its current product and service offering in the banking, financial services and insurance (BFSI) space, ICICI Infotech is also looking at the telecom vertical for future business.

The company managing director and CEO, V Srinivasan said, "We are consolidating our presence in Chennai. The workforce from two development centres in Chennai would be moved to a single location and adding 200 people by December 2005."

ICICI Infotech at present employs 2200 people in Mumbai, Bangalore and Chennai. On an all India basis, the company will be adding 800 to 1000 people by the end of next calendar year.

Of the present headcount of 2200, an estimated 800 are on contract. ICICI Infotech BFSI products are also in 30 countries. The company insurance product, Premia has a 60 per cent market share in the Middle East.

Since one of the group companies, ICICI Bank, has announced its public offer, Srinivasan refrained from sharing the topline target for 2005.

He however said that the topline growth has been in line with the industry average. According to a NASSCOM study, the Indian software and services exports has been growing at an average of 20 per cent over the last three years.