Hexaware wins multi-million dollar deal

Hexaware Technologies has signed a contract resulting in $10-$15 million revenues annually with an existing client in the US

Hexaware Technologies, a global provider of IT, BPO and consulting services, today announced that it has signed a contract resulting in $10-$15 million revenues annually with an existing client in the United States.

Under this deal, the company will be offering IT services to support the client's banking and investment management business. Hexaware has a long standing relationship with this large and well established financial services firm head-quartered in the United States. In addition to its traditional offerings in application development and support, Hexaware will also offer remote infrastructure management services (Remote IMS) to this client.

As a part of the core strategy; Hexaware deployed dedicated client partners and an engagement director at its key accounts. In addition, the vertical structure has enabled greater cross-sell of all major horizontal service lines in to such accounts. Having executed this deal, the company expects to generate revenues worth $10-$15 million annually from 2011 onwards from this BFSI client which was just a one-million dollar client for Hexaware in 2009.

"While we have already demonstrated our leadership position in the asset management micro-vertical, we have now proven our strong capabilities in our horizontal service lines to this customer. We are further providing value to the customer by offering all these services utilising our major global delivery centers in the US, Mexico and two centers in Chennai & Mumbai", said PR Chandrasekar, CEO and vice chairman, Hexaware Technologies.

On Wednesday, Hexaware ended 3.42% up at Rs72.60 on the Bombay Stock Exchange, while the benchmark Sensex increased 2.25% to 19,696.86.

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Reliance Industries commences implementation of polyester projects in India

Reliance Industries has commenced implementation of its planned world-scale projects in India across the polyester chain

Reliance Industries (RIL) has commenced implementation of its planned world-scale projects in India across the polyester chain. This is RIL's largest capacity expansion in the sector and is aimed at consolidating its position as the world's largest integrated polyester producer. These investments in new polyester capacity will also strengthen India's position as a global manufacturing hub for textiles and fibre.

The global supply constraints, substantial price increase and uncertain outlook for  cotton availability is creating considerable substitution opportunities for polyester  products like polyester filament yarn (PFY) and polyester staple fibre (PSF). It is expected that polyester will capture around 80% of incremental global fibre demand  of around 2.9 million tons per annum over the medium to long term. Demand for polyethylene terephthalate (PET), which is already India's fastest growing polymer is also poised for exponential growth due to continued demand in the bottling, packaging and food & beverages sectors. With its strong manufacturing presence in  India & Malaysia, cost leadership position and wide product range, Reliance is uniquely positioned to benefit from this market growth.  

RIL has planned its capacity expansion in phases over the next few years. This includes: A planned capacity of 2.30 million tons of PTA at Dahej with the ability to  increase it by another 1.15 million tons of PTA at a later stage. These plants will be  integrated with the paraxylene plants at Jamnagar for raw material and will in turn cater to the new polyester plants being constructed simultaneously. The company has also planned 395,000 tons of PFY and 140,000 tons of polyester texturised yarn at Silvassa and 540,000 tons of PET at Dahej with the option to add 540,000 tons of PET at the same location at a later stage.  

All the above projects are under various stages of implementation ranging from  technology licensing, basic engineering and obtaining  the necessary  regulatory approvals. This capacity addition will further strengthen Reliance's leadership position in the polyester sector.  

On Wednesday, RIL ended 1.44% up at Rs1,021.70 on the Bombay Stock Exchange, while the benchmark Sensex increased 2.25% to 19,696.86.

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Leading cooperative banks across Maharashtra take CIBIL membership

CIBIL’s membership base now crosses 500 which comprise over 200 cooperative banks

To expand its membership base and encompass cooperative banks in its fold, CIBIL- India's leading credit information company, today announced its association with four leading cooperative bank associations across Maharashtra. These include Kolhapur Zilla Nagari Banks Sahakari Association, Pune Zilla Nagari Sahakari Banks Association, Ahmednagar Zilla Nagari Banks Association and Satara Zilla Nagari Sahakari Banks Association.

With this development, CIBIL's membership base now exceeds 500 members, which includes over 200 cooperative banks. With information on over 200 million consumer trades and 7 million commercial trades, CIBIL is very well positioned to provide its members with world-class credit risk management tools. Within a short span of six years, CIBIL has grown into India's leading credit information company and has proven to be a reliable partner in risk management to its members.

At present, over 500 credit grantors across India are members of CIBIL. These include over 300 banks, 27 housing finance companies, 10 financial institutions, 2 credit card companies, 8 state financial corporations and 170 non banking financial companies (NBFCs).

Arun Thukral, managing director, CIBIL, said "We are honoured to be the chosen partner of these four cooperative bank associations and we are now working with them to assist them in implementing and utilising optimum benefits of credit information."

Members find it beneficial to use credit information in their lending decisions. This advantage helps them make faster and more reliable decisions across the customer lifecycle. Credit information sharing also benefits borrowers. Financially disciplined borrowers are able to avail credit faster and at better terms.

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COMMENTS

Aparna Ramachandra

6 years ago

This is good news a much awaited milestone achieved. I believe the strive to reach the rural masses and the talk of financial inclusion will gain more mass now. Not only will the reach increase but the quality will be maintained as well.

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