The domestic software services sector seems to be on the verge of recovery with some large business deals lurking around the corner. Three the US-based companies are close to out source a $700 million software service contract to India and the deals are expected to be closed in the next six months.
According to Shiv Nadar, chairman, president and chief executive, HCL Technologies, "One insurance company, a credit card company and a multi-product technology company have floated request for information to out source software development work worth $700 million to India. We expect that this shows the confidence that the global companies have on India."
He said that HCL Technologies is diversifying into other services areas such as enterprise application development, business process out sourcing from technology and research and development out sourcing. "We want to de-risk our business that is reason for us to diversify into other areas," Nadar said.
Elaborating on the new business de-risking initiatives that the company has under taken in the last quarter, Nadar said " We have launched five new practices of customer relationship management, supply chain management, enterprise resource planing, storage area network and security areas."
The company is also expanding its technology services by making investments in avionics, computer aided design and computer aided manufacturing.
