Fidelity seeks to sell Indian tech services unit
Tuesday, 16 December 2008
NEW DELHI, Dec 15 (AFP): US financial giant Fidelity Investments has put its captive Indian technology services unit up for sale as part of a cost-cutting move, India's Economic Times newspaper reported today.
The successful bidder would get a multi-year outsourcing contract from Fidelity, the newspaper said, citing two unnamed people it said were involved in the sale process.
Fidelity is one of the world's largest mutual fund, brokerage and wealth management services.
The newspaper quoted a Fidelity spokesman as saying the possible sale was part of the company's "global business transformation strategy" and that the company was "exploring options."
The successful bidder would get a multi-year outsourcing contract from Fidelity, the newspaper said, citing two unnamed people it said were involved in the sale process.
Fidelity is one of the world's largest mutual fund, brokerage and wealth management services.
The newspaper quoted a Fidelity spokesman as saying the possible sale was part of the company's "global business transformation strategy" and that the company was "exploring options."