India's leading retail housing finance company, the Housing Development Finance Corporation (HDFC) and Tata Consultancy Services (TCS), the leader in software consultancy services, have set up Intelnet Global Services, a Rs 40-crore company with 50:50 partnership, to provide IT-enabled services (ITES) to overseas companies.
Intelnet's first call center in the software technology park Navi Mumbai is coming up in November 2000 with 200 seats and 500 employees. Ramping up from Navi Mumbai, Intelnet will open centers in Chennai, Bangalore, and Pune, each with 500 seats. Intelnet will scale up operations over the next few years. The company proposes to employ 3,000 people by its third year of operation, and within five years, the number will touch 7,000.
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Intelnet will offer:
These horizontal services will be offered across industry verticals such as finance and accounting services, hospitality sector, airline industry etc. The scope of services would be expanded in the years to come to include services such as data conversion, web content development etc.
The JV will leverage the considerable IT and ITES expertise and global client relationships of the two partners to achieve market leadership. Intelnet plans to market its services to various international customers including current partners and customers of TCS and HDFC. Chase Manhattan and Standard Life Assurance are partners of HDFC. These two groups have substantial back office and call center activities, which are likely to be outsourced to Intelnet.
India should see an ITES revolution in the next ten years. According to a NASSCOM estimate, by 2008, this sector could generate an additional one million jobs and almost Rs. 81,000 crore of annual revenue, most of it coming from exports.
Current ITES export from India is about US $230 million and it is expected to grow to US $17 billion by 2008. Indian costs are roughly one-third of international costs. There is a tremendous demand for low cost, good quality work in the ITES sector.
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Call centers have immense business potential as the current global business of ITES is approximately $10 billion and is estimated to grow to $140 billion by 2008 and $2000 billion by 2010.
The market opportunity for back office processing in India is huge, says Morgan Stanley Dean Witter. According to its estimates, in the United States, total revenue from outsourced call centers amounted to $17 billion in 1998. This business employs 3 per cent of the working US population and the rate of growth of agent positions is 20 per cent a year.
In the recent amendments to the Budget, the Government of India has extended concessions to IT Enabled Services, on par with those available to export-oriented units and units set up in the Free Trade Zone and Software Technology Parks.
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