Reuters, the global news and information company, has made its plans clear. It has said that it will invest about $4 million on a five-year India growth plan to enhance its financial product offerings into a market set to more than double over the next three years.
An exclusive survey carried out by Reuters showed that as India’s markets became more sophisticated and international, spending on financial applications would increase by about 35 per cent annually over the next three years to around $266 million.
Alex Hungate, Reuters Asia new Managing Director, said. “The combination of strong macro-economic growth plus the steady deregulation of financial markets is creating spectacular growth in India’s financial markets. As the market leader in providing information, transaction and risk management systems to this market, Reuters is growing more rapidly now than at any time in its 139-year history in India.”
Venkat Ramani, Reuters South Asia, Managing Director, said, “We believe that India has one of the most advanced financial markets among the emerging economies, and there is a huge appetite for in-depth information about India within the country and around the world.”
The Reuters Content Production and Global Service Centre was set up in Bangalore in 2003 and now employs about 1,200 staff. Within content, there are data operations and editorial teams managing new and existing content for Reuters products.
To house the increase in staff in Mumbai, Reuters today also announced that it would be opening a new Reuters facility in Mumbai. This customer sales and support centre is the headquarters for Reuters in India and will be situated in the heart of the new financial services district.
The state-of-the-art facility, accommodating about 130 staff, was officially opened on November 17. The number of staff at Reuters India is expected to increase by about 60 in 2006.