Financial Daily from THE HINDU group of publications
Monday, Nov 11, 2002
Financial Daily from THE HINDU group of publications Monday, Nov 11, 2002 |
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Info-Tech
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Alliances & Joint Ventures Innosoft Tech plans tie-up with 2 US cos Our Bureau
HYDERABAD, Nov. 10 INNOSOFT Technologies Ltd, the Hyderabad-based software services and IT-enabled services company, has announced its joint venture plans with two US-based firms — EiS Corporation Inc. and Apex IT Inc. The Chairman and Managing Director of Innosoft, Mr Prasad Garapati, told newspersons that through these joint ventures, the company planned to address outsourcing business for these two corporations in the area of Oracle human resource management-based applications, payroll as also custom application development. The company, which had diversified into IT and software services in 1998, has recently created a subsidiary Garapati Telefilms, a separate unit that is aimed at addressing the software space for the entertainment industry. The company is set to launch a Telugu serial in Maa TV channel, along with another family entertainer Bangaru Kalalu. It plans to invest Rs 2 crore in the telefilm project. The company, which has a plastics division that handles injection moulding manufacturing for Polyset and Neelkamal, had received a major order of Rs 4 crore from Tupperware to manufacture products that are handled by small-scale industrial units, Mr Garapati said. The President of EiS Inc, Mr Suresh Kaza, said that the US corporation, which is into providing reporting solutions for Oracle-based HR and payroll related services, was keen to leverage the outsourcing business from Innosoft through this joint venture. This will bring in substantial cost savings, which many US firm are currently keen to address.
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