Reuters announced it will invest about four million U.S. dollars on a five-year India growth plan to enhance its financial product offerings into a market set to more than double over the next three years.
A survey carried out by Reuters showed that as India’s markets become more sophisticated and international, spending on financial applications will increase by about 35 percent annually over the next three years to around US$266 million.
Alex Hungate, Reuters Asia managing director, said, “The combination of strong macro-economic growth plus the steady deregulation of financial markets is creating spectacular growth in India’s financial markets. As the market leader in providing information, transaction and risk management systems to this market, Reuters is growing more rapidly now than at any time in its 139 year history in India.”
The Reuters Content Production and Global Service Centre was set up in Bangalore in 2003 and now employs about 1,200 staff. Within Content, there are Data Operations and Editorial teams managing new and existing content for Reuters products.
To house the increase in staff in Mumbai, Reuters also announced that it will be opening a new Reuters facility in Peninsula Corporate Park, Mumbai. This customer sales and support centre is the headquarters for Reuters in India and will be situated in the heart of the new financial services district. The facility, accommodating about 130 staff will be officially opened at a lamp lighting ceremony on 17 November 2005. The number of staff at Reuters India is expected to increase by about 60 in 2006.