“Reuters considers India as a high-growth market. India is the only other country, apart from China, for which Reuters has a growth strategy,” Samir Shah, the newly appointed MD of Reuters India tells exchange4media in an exclusive chat.
Shah was recently promoted as the MD of Reuters India and Senior Company Officer, Reuters South Asia. Prior to this appointment, Shah was based in Singapore, where he was Head of Treasury and Fixed Income. Now based in Mumbai, Shah took over the reins from Venkat Ramani, who retired some time ago. Shah has been with Reuters for 12 years, where he began as a Marketing Executive in Mumbai.
Reuters had acquired the Telerate distribution business of Indian firm Indian Quotation Systems Pvt Ltd (IQS) on July 6. On being asked about the deal, Shah replied, “We had acquired Telerate at the global level a year back. Its distribution business was with IQS till now. Now, after buying that arm, our global acquisition of Telerate is complete.” The acquisition was completed on June 30, 2006. Though Shah refused to divulge the value of the acquisition, reliable industry sources put the figure at $1.7 million. Reuters gets information about the fixed income commodity market through Telerate.
Elaborating on Reuters India’s growth strategy, Shah said, “We have fairly major expansion plans for India. We will focus on five key areas – asset management, KPO and BPO business, wealth management, commodities and corporate treasury – so that we can serve our customers better through improving our news coverage in key areas.” Shah also informed that 70 per cent of Reuters India’s revenue came from the treasury business.
On Reuters’ KPO business based in Bangalore, Shah said, “We have at present a staff strength of 1,500. We are aiming to increase it to 2,000 by the end of this year.”
When asked about the amount of investment Reuters was planning to make in India, Shah said, “I don’t have any exact figure, but we will make multi-million dollar investments in India. We have already invested $4-5 million in India since January 1, 2006.”
The government recently approved an investment of Rs 22.1 crore by Reuters in Times Global Broadcasting promoted by the Times Group, which runs the general English news channel, Times Now.