Fidelity India to sell back office unit

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Bangalore, Dec 15: The Economic Times on Monday, Dec 15 reported that Fidelity Investments has put its Indian captive technology offshore unit up for sale. Fidelity will give a committed multi-year outsourcing contract to the successful bidder.

The paper said that Indian IT companies like Infosys Technologies, Wipro, Satyam Computer Services as well as global players like Accenture and IBM are the prominent bidders. This initiative from Fidelity is part of its cost-cutting efforts to counter the ongoing global economic crisis.

"We are evaluating sourcing options with leading global technology service providers... owning to the confidentiality of such transaction, we cannot disclose the names of the providers. "It is too early to in the process to talk about specific details, but we can confirm that this is more about optimising our technology delivery model and not about eliminating jobs," ET quoted a Fidelity spokesperson.

Reports suggest that Fidelity India unit employes about 2,000 people. Earlier this year, UK based insurance firm Aviva sold its captive back office operations to WNS holdings and Citigroup sold its Indian back office to Tata Consultancy Services.

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