SBI, Raymond, TCS set to cash in on PM’s visit

“The visit will certainly expedite pending proposals of the three companies,” an industry source said adding that both government and industry delegates visiting China were briefed on these company specific issues.

The Shanghai Stock Exchange, in a meeting with Indian industry in Shanghai, told visiting delegates that it was looking at TCS. “The project is likely to be finalised soon. The stock exchange is talking to TCS to design its trading and clearing systems,” a visiting Indian delegate said.

Global IT majors Hewlett-Packard and IBM are also involved in the project with TCS. When contacted, a TCS official, without disclosing any details said that the company’s Singapore-based regional director Girja Pande who was in China left Shanghai on Friday on a positive note.

The visit of Vajpayee has also boosted Raymond’s hopes. Its resident director (China) Arvind Verma said that the company is currently catering to South Eastern countries through Shanghai office, but it is looking forward to start its retail network in China. “Retailing is not an open sector in China. American and European companies like Wal-mart and Carrefour have been given licences. But such decisions are political,” he said adding that PM’s visit would help Indian companies to expand in China.

SBI, which has a representative office in Shanghai since 1997 is enthused by Vajpayee’s visit. “In China, relationships does matter. Better political relations will ease our efforts,” SBI Shanghai chief representative Rakesh Sharma said.

If TCS gets a share of the Shanghai Stock Exchange pie, it would only add to its presence in China. In June 2002, the company announced the setting up of its wholly-owned subsidiary called the Tata Information Technology (Shanghai) Company Limited. As a part of its globalisation strategy, TCS has also set up a new global development centre in Hangzhou (China) to retain its global clients expanding in the Chinese market.