Global IT solutions provider 3i Infotech on Tuesday said it is planning to foray into China through a joint venture with a Chinese IT solutions and services firm Yucheng Technologies.
The company has entered into a Memorandum of Understanding with Yucheng Technologies Ltd for establishing a 51:49 joint venture; it informed the Bombay Stock Exchange in a filing.
The JV company would leverage the company's expertise in software products and IT services to the banking, financial services and insurance sector in India and provide products and services in China as well.
"With Yucheng's focus on and deep knowledge of the banking industry in China and its dynamics, the synergies between their business goals and those of 3i Infotech made them a natural choice for our foray into China. We look forward to a long and fruitful relationship with them," 3i Infotech MD and CEO V Srinivasan said.
Beijing-based Yucheng Technologies, a Nasdaq-listed company, has more than 1,700 employees and banking clients with subsidiaries and representative offices in 11 cities of China.
Yucheng provides IT solutions and services to Chinese banks, including channel-related IT solutions, like web banking and call centers, business-related processing solutions, foreign exchange and treasury management and management-related IT solutions.
Shares of the company were trading at Rs 124.55 in mid-session, up 5.60 per cent on the BSE.
