Friday, April 13, 2007

i- Flex planning a regional centre in Santiago, Chile

This follows the example set by TCS which set up a regional centre in Montevideo, Uruguay.

Indian IT solutions provider i-flex has presented Chile's state development agency Corfo with a request to start a joint feasibility study on a regional development and support center in the country.

The idea was first announced in January after a group of executives and authorities from Chile's private and public sectors visited India to meet with large IT firms to promote the country as a location from where to export services to the rest of Latin America.
The feasibility study is to be ready this month, and to make a final decision one or two months later. The study would include recommendations on installing a facility of this kind in the country, compliances, tax issues and work permits in case there is a need to bring in foreign experts.
Four banks in Chile are already using i-Flex products in their core transformation.

Currently, i-flex operates 14 development centers across India, Singapore and the US. The company posted net profits of US$49.2mn for the fiscal year ending March 2006, on revenues of US$334mn. Latin America accounted for 1% of sales.

Latin America represents 4-5% of global revenues and is set to continue growing 60-70% a year.

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