CIT Group Inc., the largest independent commercial finance company in the US, will set up a software centre in India with MindTree Consulting Ltd to lower costs.
The two companies will together initially employ 75 people at the centre, they said in a news release on Tuesday.
Companies in the US seek to benefit from the availability of skilled manpower and lower wages in India. The collaboration will help New York-based CIT Group combine its expertise in lending with the technology capabilities of its Bangalore-based local partner.
“While cost reduction is a key factor in many offshoring relationships, we are also focused on implementing a strategy that will improve the quality of our internal processes, controls and metrics, while building a talented, global workforce,” Michael Baresich, CIT’s chief information officer, said in the release.
The US accounted for more than 60% of India’s export of computer services of $23.6 billion (Rs96,760 crore) in the year to 31 March 2006.
India’s software and services exports may rise as much as 33% in the year ending 31 March as Indian companies win more orders and overseas companies outsource more to India.