IndusInd to float IT firm
George Cherian - Mumbai, Friday Aug 31 2000

INDUSIND Enterprises, a part of the Hinduja group, is setting up an IT company that will focus on the development of banking and financial software, electronic payment gateways and a high-bandwidth transaction network spread across 33 cities.

IndusInd Enterprises will hold 55 per cent of the paid-up equity of the new company while IndusInd Bank and Hinduja Finance will hold 15 cent and 5 per cent respectively.

"The balance 25 per cent will be offered to a foreign partner that has strong IT capabilities," said a source.

The new company, IndusInd Information Technologies will have an initial paid-up capital of Rs 16 crore.