ITC Infotech plans to hit capital market

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ITC Infotech, IT services company and fully owned subsidiary of ITC , is planning to go public. Although no date has been finalised when the company is planning to hit the capital market, ITC Chairman Y C Deveshwar said the company might opt for the bourses "at some point of time." 
 
"ITC Infotech is structured as a separate company, not as a division. That is the only business that we structured as a separate company. That indicates that we could take ITC Infotech public," Deveshwar said on the sidelines of an event organised by the Confederation of Indian Industry (CII). 
 
The reason for structuring ITC Infotech was that over a period of time, the company would like to have the option of remunerating its people. "But we don't know whether that (making ITC Infotech public) is the right route. But if we did want to, we could," he added. 
 
ITC Infotech is USD 64 million company with a headcount of over 4,200 employees. The tier-II firm competes with the likes of the global service providers such as HP, IBM and Accenture and also tier-I Indian players for enterprise system integration solutions, infrastructure and testing services projects. 
 
Some of its clients include British American Tobacco, Abbey National Bank, Finnair, DHL, PTC and Unilever. Around 5% of the company's revenues come from ITC. 
 
The company has a joint venture with Client Logic, which provides technical support and voice-BPO services to clients worldwide. ITC Infotech has offices across the US, UK, Europe and the Asia-Pacific, and delivery footprint across 42 countries. 
 
In February, the company was ranked among the 'Top 10 Specialty Application Development Providers' in the 2007 Global Services 100 listing. 
 
The company has now featured in this annual listing of top 100 global service providers consecutively for three years. 
 
Sanjiv Puri, managing director, ITC Infotech, had then said, "The ranking is a demonstration of our proven expertise in developing and managing mission critical applications for leading global corporations." 
 
The company offers application development and management services, ITC Infotech also offers enterprise services in the area of ERP, CRM, Infrastructure and IT Consulting. 
 
Last May, the company ramped up its presence in the US by strengthening its sales and marketing efforts. 
 
Having clocked USD 64 million in revenues last fiscal, the company is hoping to outpace the industry growth with a CAGR of 85%. 
 
Besides Banking, Financial services and Insurance (BFSI), the company focuses on three other verticals - its parent company ITC's own businesses-travel and hospitality, consumer packaged goods and retail, and manufacturing. 
 
ITC Infotech also has an advanced technology division that works on incubating technologies and processes. It is now also focusing on RFID, reports Business Standard.