India may get $1 bn IT outsourcing contracts

Leading Indian outsourcers such as Tata Consultancy, Infosys and Wipro stand to gain contracts worth about USD 1 billion in the next one or two years as US banks emerge from the troubled asset relief programme, the Economic Times reported on Monday.

The newspaper said JPMorgan, Goldman Sachs and Morgan Stanley that received approval to buy back government stake worth USD 68 billion earlier this year are among the firms seeking operational efficiencies by outsourcing non-core IT and back-office projects to India.

American Express, Bank of New York Mellon and Capital One, which have started repaying government debt, were also considering outsourcing, it said.