Phoenix Home Life Plans Eou Arms

While PHL Software Services Pvt Ltd (PHLSS) is a 100 per cent subsidiary of Phoenix Home Life, the second company, Command International Software (CIS) is a joint venture between Phoenix and its long time IT consulting partner, Command Systems.

The planned investment in PHLSS is to the tune of $ 1.15 million. It expects an export earnings in the first year of operations to be around Rs 1.5 crore.

In CIS, the parent companies will be investing $ 4.7 million in the next two years. CIS expects an export earnings in the region of Rs 1.05 crore in the first year while by the end of five years they expect to earn over $ 50 million by way of exports.

 

The two companies will develop application software to meet the insurance and financial services needs of parent companies in the US and in the markets of America and Europe.

The promoters of the joint venture will buy back the software developed by the Indian subsidiary at the market rate based on evaluation by STP authorities. Command Systems will provide the marketing network in the US as well as technical assistance on the projects being executed in India.

Besides, CIS will concentrate on consulting and management of the potential systems' problems brought on by the `century date change,' with the hope that, as more financial services and other companies begin to take on the year 2000 their needs will generate enormous demand.