Mumbai, May 25: Larsen & Toubro Infotech Ltd (L&T Infotech) has partnered with Fidelity Information Services (Fidelity), a division of Fidelity National Financial Inc, to offer information technology solutions to clients in Indian banking sector. Under the deal, L&T Infotech would offer Fidelity's core banking, trade finance, retail banking, offshore banking, cash management and other ancillary banking solutions to banking and financial sector companies in India, L&T Infotech chief executive V K Magapu said here today.
The alliance would bring in world-class business solutions to Indian banking industry, which is presently upgrading its it systems to tide over global competition, he said.
The revenue sharing between the companies would be on a case-to-case basis and depending on the projects, he said, adding the companies expect a "rapid" growth in both business and revenues from the country.
L&T Infotech is a wholly-owned subsidiary of L&T Ltd.
Meanwhile, Fidelity general manager (South Asia) Rajiv Madane said that the company's spend world over for R&D and acquisitions would be in the tune of USD 100-110 million per year.
The spend would be mainly for enhancing product value and to put the company on a growth path through an inorganic method, he said.
However, he declined to provide further details of the plans, but said that the company had spend a similar amount during the last three years.
Bureau Report