3i Infotech launches new Global Development Centre (GDC) in Chennai

3i Infotech Ltd on May 21, 2007, has announced the launch of its new Global Development Centre (GDC) in Chennai. The center will focus on the enhancement and development of the Company's flagship insurance solution PREMIA, and the Kastle line of banking solution, as well as support the Company's organic growth in these areas. Spread over 2 lakh sq. ft., the seven storey GDC with a capacity of 2400 seats, will also house a State-of-the-Art Data Centre.

With a focus on further developing the Company's software products, the establishment of the Chennai GDC is in line with the Company's strategy for organic growth through the enhancement of its IP. Annually the Company invests approximately 4-5% of revenues into its R&D operations across Chennai, Mumbai, Bangalore, Kochi and Hyderabad.

Commenting on the new facility, Mr. V Srinivasan, MD and CEO of the Company said, "3i Infotech has been following a steady strategy of growth through both organic and inorganic means. While we continue our acquisition path, we will also focus heavily on organic growth through the enhancement of our existing line of product offerings, and customer acquisitions. Chennai has been an important hub for us, both as a market and a development centre, and we hope to leverage the city's talent pool and technical capabilities to grow our operations here."

The stock was trading at Rs.313.70, up by Rs.1.85 or 0.59%. The stock hit an intraday high of Rs.319 and low of Rs.306.60. The total traded quantity was 498023 compared to 2 week average of 701106.

Source : Equity Bulls

Keywords