Indian information technology, or IT, companies are following their global customers to different corners of the world and some are moving towards Russia, reports CNBC-TV18.

Indian IT companies are saying hello to Russia. That is because Russia has what Indian IT companies desperately want- highly skilled talent. An IDC survey of 20 West- European and US companies outsourcing to Russia, found Russians excelled at high-end software.

An attrition rate of just 4% sweetens the deal. IDC adds that developing new products in Russia costs at least 30% less than in Western Europe or the US.

The question is whether India should be worried and the answer is an emphatic no. That is because IT companies, like TCS, want to use Russian talent to advance their outsourcing capabilities.

“We will definitely look at Russia, sometime in the future.  I cannot give you a timeline now. That is a market we will look actively to create a resource base,” said N Chandrasekaran, COO, TCS.

Already companies like Hewlett Packard, Intel, Google and Capgemini have set up development or offshore centres in Russia. Besides, Russia itself offers a market.

“In terms of the domestic market opportunity, according to the Russian Ministry, they expect it to be a USD 40 billion industry by 2010. It is almost three-fold from 2006 levels. Oil and gas, banking and financial services are some of the areas where there are opportunities,” said Ashwin Mehta, Senior Research Analyst, Ambit Capital.

Analysts also say the moolah in offshoring is in high-end work, a sector in which the Russians excel. Also, an offshore development centre there will help Indian IT companies get outsourcing business for the East European markets, of companies based in the US and Western Europe. So, we might soon see Diwali celebrated in Russia!