The Hindu Business Line : AIG keen to invest in biotech, IT sectors

AMERICAN International Group Inc (AIG), which has invested funds in telecom and infrastructure projects in India, is looking at business opportunities in other sectors such as knowledge-based industries, biotechnology, energy sources, logistics, manufacturing and retail, among others.

Stating this at a news conference held here on Thursday to announce the opening of the Kolkata branch of AIG Systems Solutions (Pvt) Ltd, Mr Sunil Mehta, Country Head & Chief Executive, said that besides investments in telecom and infrastructure, AIG was present in the domestic insurance sector as well.

The global insurance and financial services organisation was open to the idea of investing in sectors where investments were viable and returns were okay. Till date, AIG has invested $ 450 million in India.

Mr Mehta said that AIG had already leased two aircraft for an airline in India. The growing aviation sector in the country provided good scope for leasing of aircraft, he said, adding that AIG has no upper limit for investments in India.

According to him, AIG was especially focussed on knowledge-based industries and software. The Kolkata branch of AIG Systems Solutions' - which is a joint venture of AIG and Polaris Software Lab - would engage 15 people to begin with. This figure is expected go up to 6-70 by the end of the calendar year. The Kolkata office would provide development and maintenance support for WINS, a "property-casualty product" of AIG Technologies.

With the opening up of the Kolkata branch, AIG Systems Solutions has engaged about 225 IT professionals in Chennai and Kolkata. This number is expected to go up to 375-400 by December. The company is looking at augmenting manpower at the rate of 35-40 per cent every year. Revenue, too, is expected to grow at a rate that would be a shade higher than the growth in manpower.

Currently, AIG Systems Solutions, which caters to the exclusive needs of AIG globally, has an annual turnover of $ 75-80 million. AIG's global turnover is stated to be around $ 65 billion.