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Fidelity drops plan to sell India back office unit

Fidelity drops plan to sell India back office unit
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First Published: Mon, May 25 2009. 03 42 PM IST
Updated: Mon, May 25 2009. 03 42 PM IST
Mumbai: Fidelity Investments has dropped plans to sell its technology back-office unit in India because of long-term benefits it offered, a company official said on Monday.
The unit, part of its Fidelity Management and Research (FMR) that also operates business process outsourcing and research back-office in India, was put on sale last year by the world’s largest mutual fund manager.
“I can confirm that after an intense review and thorough evaluation, it was decided that we will maintain the FMR India IT organisation at this time,” Garima Varma, head of corporate communication at Fidelity Investments Indian unit, said.
The decision was taken last week, she said in an email to Reuters.
FMR has about 5,000 staff in India, including more than 2,000 in the technology unit in the southern cities of Bangalore and Chennai.
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First Published: Mon, May 25 2009. 03 42 PM IST