HFCL JV to offer complete IT services

By Our Special Correspondent

NEW DELHI, AUG 9. Consolidated Futuristic Solutions Limited, a joint venture between Himachal Futuristic Communications (HFCL) and the Aussie media tycoon Kerry Packer's Consolidated Press Holdings (CPH), has selected ``cofuture'' as the brand name of its soon-to-be-launched range of IT services. The package will include services relating to telecom, entertainment-media, healthcare and financial sectors. The first major facility of `cofuture' will open this month in Gurgaon and the second one shortly in southern India.

``We aim to make cofuture one of the top five software companies in the country with a turnover of Rs. 300 crores within the next three years,'' said a news release quoting the HFCL Chairman, Mr. Mahendra Nahata. The cofuture CEO, Mr. Rajiv Shah, felt the company's complete range of IT services will be its USP.

An investment of Rs. 100 crores has been made in the venture, half of it through equity. HFCL holds 51 per cent of the stake, CPH 30 per cent and the rest 19 per cent has been kept for strategic investors. Interestingly both HFCL and CPH will be cofuture's important customers given their large interests in telecom and media businesses.

Cofuture's key markets will be in North America, Europe and Australia. Plan are underway to set up centres in these markets to get closer to customers there. The company is also considering options for acquisition of software companies that have synergy with its vision. The well known international consultancy company AT Kearney is advising cofuture on its organisational structure and business plans.

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Section  : Business
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