IndusInd arm plans alliances

IndusInd Information Technology Ltd (IITL), the technology subsidiary of IndusInd Bank, is planning strategic tie-ups with international players to provide solutions to local banks.

IITL is also exploring a tie-up with a US-based mortgage company to offer technology and other logistic support to the company.

"We are exploring tie-ups with major IT companies to provide technology solutions to Indian banks," Bhaskar Ghose, managing director, IndusInd Bank, said.

"The tie-up with the US based mortgage company will generate annual billing of around $6 million annually," said Ghose. "The IT subsidiary will be a major revenue earner for the bank in the future," he added.

The technology arm posted a net profit of around Rs 1 crore in March 2004 last fiscal. "We expect a 50 per cent rise in the profit in the current fiscal," said a senior official from the bank.