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Our Bureau

Mumbai , May 25

L&T Infotech has entered into an alliance with US-based Fidelity Information Services, a division of Fidelity National Financial, to provide IT solutions for the Indian banking sector.

As part of the agreement, L&T Infotech would offer Fidelity's core banking, trade finance, retail banking, offshore banking, cash management and other ancillary banking solutions to banking and financial sector companies in India, said Mr V.K. Magapu, CEO, L&T Infotech.

Already offering IT solutions to the investment banking and insurance verticals, the foray into the banking vertical is expected to strengthen L&T Infotech's BFSI practice, he added.

"The BFSI segment contributes 25-30 per cent to the business. With the Fidelity partnership we will be able to offer core banking solutions competing with established market players."

The revenue sharing between L&T Infotech and Fidelity would be on a case-to-case basis and depending on the projects, he added, with both the companies expecting a rapid growth in business and revenues from the country.

Through the partnership, L&T Infotech has already provided IT solutions for the overseas banking operations of Bank of Baroda and is looking at other projects over the coming year.

Fidelity has earmarked $100-110 million per year for acquisitions and R&D globally, according to Mr Rajiv Madane, General Manager (South Asia).

According to him, the spend would be mainly for enhancing product value and to put the company on a growth path through an inorganic method.

He, however, refused to give more details of the company's plan.

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