There has been significant vendor churn in the last few months amid global economic uncertainties led by the Euro zone debt crisis, Vineet Nayar, Vice Chairman and CEO of HCL Technologies said on Monday.
Industry body Nasscom had forecast last month that IT services exports would grow more slowly for fiscal 2013. There is a lot of vendor churn in the current environment, as many companies review IT spends and consolidate vendors. Nayar told CNBC-TV18 that USD 43 billion worth of contracts are coming up for renewal in calendar 2012, and he sees 25-30% of contract renewals coming to new IT vendors. Below is the edited transcript of the interview. Also watch the accompanying video. Q: Before we talk about your industry itself the Budget isnDiscover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
