Schlumberger, the $9-billion services company said it is setting up a 100 per cent subsidiary with an investment of $10 million for making electronic transaction products like smart cards, terminals and complete systems.
Euan Baird, Schlumberger worldwide chairman and chief executive officer, said there will be over two billion smart cards in circulation by 2,000.
The subsidiary will be headed by Sanjaya Sood, who has been with Schlumberger for the past 15 years.
