Companies dissatisfied with 'intent and focus' of tech major.
Venture capitals in India, which traditionally invested in urban segments or technology sector, have begun investing in rural-centric technology firms. Avishkaar India Micro Venture Capital Fund, Acumen Fund, and Rural Innovations Network are showing increased focus on rural markets.
On the back of a global meltdown, big-ticket firms may not be flocking at the premier Indian Institute of Technology campuses. IITians, however, have not lost all hope. Many are looking at start-ups for their first jobs.
Wipro Technologies, the country's third largest software services exporter, today said the company might go slow on its campus-hiring plans till demand picks up.
The Indian arm of the Union for Information & Technology Enabled Services is planning to file a public interest litigation against the alleged 'arbitrary policy' of many Indian and multinational IT/ITeS firms in India who have, for the past two months, reportedly been enforcing longer working hours that violate the daily eight-hour working mandate of the Indian Factories Act, 1948.
Ben Verwaayen, CEO, Alcatel-Lucent, does not consider India as a low-cost destination. Rather he does not like to use the word offshore in the context of India. "If it is just about cost then I would not have been in India but to some other low-cost country. For me, India is a high talent country," he adds. As the person who was heading British Telecom's operations before taking over Alcatel-Lucent, he has pushed over a billion dollar of outsourcing work to India.
After going through a series of mergers and acquisitions, Mindteck, a Bangalore-headquartered IT services company, is looking to consolidate its various businesses which will see more work being moved offshore, to locations in India.
The IT industry, which has already taken a hit of more than Rs 500 crore in the second quarter because of the appreciating dollar against the rupee, will now be hit by adverse cross-currency movements even as they attempt to boost the share of revenue from the UK and the Eurozone. Unfortunately, the hit will be despite attempts by software makers to step up hedging in the pound and the euro. The IT industry earns about 60 per cent of its revenue from the US.
Industry insiders as well as sector experts said that companies are unlikely to miss this opportunity to rationalise bloated boom-time salaries.
Recruitment-related HR executives are being moved to other HR functions like training and development and other day-to-day HR functions, or being taken on contract. If things worsen, there could also be layoffs. Companies like Wipro, Infosys, TCS and iGate, too, have a mix of contractual employees in their HR team.
In fact, firms like NIIT Technologies and EXL Services are already reaping the benefit of the first- mover advantage with over 20 per cent of their revenues coming from non-linear business in the quarter ended September 30. A non-linear business' focus moves away from the tendency to measure growth on the basis of headcount or the concept that the more the number of people working, the more the revenue.
Having successfully completed the $13.9-billion acquisition and merger of IT consultancy EDS a few months ago, IT services giant Hewlett-Packard is now taking steps to integrate both organisations.
India's mid-cap software companies may shed as much as 10 per cent of their workforce as revenues and margins have shrunk owing to a global slowdown, analysts say.
Indian clean technology businesses are finally catching the attention of investor community. New Ventures India - founded by World Resources Institute and CII-Godrej Green Business Centre - aims to fund 50 entrepreneurs in this segment by 2010 with a target investment of $250 million
The deal values the stock exchange at $3.3 billion.
With India's two leading IT outsourcing companies, Infosys and HCL Technologies, vying to acquire the UK-based consulting firm Axon, SAP implementation is back in focus.
Bangalore-based IT outsourcing services provider MphasiS, an EDS company, is reducing hiring plans by almost 50 per cent.
Sources in Greenpeace said the representatives of different environmental NGOs are meeting Tata Steel MD B Muthuraman next month. Despite the allegations from various quarters that it has twisted facts and forged reports about the presence of rare Olive Ridley turtles near Dhamra coast in Orissa -- the site where Tatas with partner L&T are developing Rs 2,400-crore (Rs 24 billion) port -- global environmental NGO Greenpeace is bracing for its next phase of action, which may w
The venture, on the lines of Kishore Biyani's Future Ventures India, will focus its investments in the information technology sector, said a source familiar with the development.
The company is in talks with a few private banks and has signed on Citibank as one of the bankers to raise these funds, said sources. HCL Technologies and Citibank declined to comment saying that 'they do not comment on market speculation'.
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