IBM over the weekend announced it is quickly approaching $1 billion USD in revenue from the Indian market for the entire year of 2007. "We expect our revenues to reach USD one billion by the end of this calendar year up from 700 million in 2006 driven by strong factors. In the first three quarters of the current financial, the company's revenue has grown by over 39 per cent," said Jesse Green, IBM VP of Financial Management. During 2006, IBM had a growth rate of 37 percent in India, and grossed almost $700 million USD. The increase in revenue was helped by several major deals IBM made with companies in the nation throughout the year. IBM has deals with major telecom, realty and financial companies in India, with other announcements expected in 2008. "India is very important to us, not only for its domestic sales but providing a competitive cost structure and skills set to compete globally in the services businesses," Greene added. Furthermore, IBM expects to see India as the "hub for global delivery," allowing the company to conduct major research and development in the growing tech nation. The nation's evolution into a "hub" allows India to bring in added resources and technologies that used to go to other BRIC (Brazil, Russia, India, China)-type nations. IBM currently has 53,000 employees and 35 offices in India, making up one-seventh of the company's global workforce. The company had only 3,000 workers in 2002.
Source: DailyTech