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Mumbai, Feb.19

3i Infotech signed a Memorandum of Understanding (MOU) with Beijing based Yucheng Technologies Ltd. to set up a 51:49 joint venture (JV) company in China. The yet unnamed JV is being jointly setup at an initial investment of $10 million with the primary mandate of servicing domestic clients in China, Mr M.B. Battliwala, Global Head-Marketing & PR, of 3i Infotech, told Business Line.

Yucheng is a NASDAQ listed company with more than 1,700 employees. It provides web banking, core banking, risk analytics etc to Chinese banks.

3i Infotech will make a majority initial investment of $5.1 million and also have up a 51 per cent in the JV. The JV will enable the city based company to market its services and products in China and benefit from Yucheng`s existing client base, added Mr Battliwala.

Reacting to the development, the 3i Infotech scrip was up by 6.7 per cent to close at Rs 125.85 on the BSE today.—

Our Bureau

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