Reuters to spend $4m on India growth plan
18 November 2005 | 6421 views | 0
News and information group Reuters is investing around $4 million on a five year plan to scale up its operations in India.
The vendor said earlier this year that it was targeting emerging markets and plans to grow its operations in countries like India and China.
Reuters says its research shows that as India's markets become more sophisticated and international, spending on financial applications will increase by about 35% annually over the next three years to around $266 million.
Alex Hungate, the new MD of Reuters Asia, says: "The combination of strong macro-economic growth plus the steady deregulation of financial markets is creating spectacular growth in India's financial markets."
The news comes as Reuters opens a new facility in Mumbai. The customer sales and support centre will become the headquarters for Reuters in India and will accommodate about 130 staff.
Reuters set up a content production and global service centre in Bangalore in 2003 and now employs about 1200 staff at the facility. The vendor says the number of staff at its India operations is expected to increase by about 60 in 2006.