Broadridge to invest $6m in Indian facility

Broadridge to invest $6m in Indian facility

Broadridge Financial Solutions - formerly known as ADP Brokerage Services Group - is spending $6 million on expanding its operations in India by March 2008, according to a Reuters report.

Broadridge, which provides outsourcing services to the financial services industry, says it will set up a new facility in the Indian city of Hyderabad.

Richard Berke, corporate VP, Broadridge, told reporters that the vendor will also increase its headcount in Hyderabad by 30%.

Broadridge currently employs more than 500 people at its wholly-owned Indian unit, said Berke.

Broadridge was created by the spin-off of ADP brokerage Services - a provider of investor communications and securities processing services to the wholesale financial markets - from Automatic Data Processing.

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