The Hindu Business Line : IT, ITES cos fetch Rs 670-cr investments for Karnataka

OF the nearly 50 IT/ITES firms that have set up shop in Karnataka during the last quarter, 30 of them were of 100 per cent foreign equity and brought in Rs 670-crore of investments, according to Mr B.V. Naidu, Director, STPI (Software Technology Park of India).

About Rs 200-crore of investments were made in the IT and ITES sector, Mr Naidu said, adding that there were a greater number of technology-focused and R&D outfits coming into Karnataka and India this year.

A number of Venture Capitalist-funded firms in the US were asked to offshore their operations to India to ensure their survival in the American market.

These two types of firms formed the bulk of the investments.

At the same time, given the anti-outsourcing backlash in the US, there is need for Indian companies to learn to sell their services and products in the market, Mr Naidu said. In this connection, STPI is hosting a day's conference in September in partnership with the US-based investment and management advisory firm, Sand Hill Group, on enabling Indian companies to set up and sell in the US market.

The conference, aimed at CEOs and their management teams, would bring in leading marketing executives from various corporations, venture capitalists, potential customers and would let Indian companies learn to sell, Mr Rangaswami, co-founder and managing director, Sand Hill, said.

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