Reuters to invest around USD 4 Million in India
Global news and information giant Reuters has announced that they see India as a potential big market for them and plan to invest $ 4 million in 2006 as part of its five-year India Growth Plan. India is a growing economy and there is huge scope for financial markets in India. However, Reuters have not decided on what they plan to do in these five years and aim to see the development on yearly basis.
Venkat Ramani, Managing Director, Reuters South Asia said in a statement regarding their plans for India: “All we know is there is huge potential in this market. Investing $ 4 million next year is the first step towards our growth plan. We will assess the outcome of the investment and make yearly plans over the five-year period.â€
Reuters is also aiming to increase their headcount in Mumbai to 110 in the next couple of months from the current level of 90. These 20 new workers are expected to join their editorial segment. The company is also destined to launch four new financial products and enter into alliances with mobile operators to provide real time information in their worldwide operations.
Ramani added about their growth plans: “The current market data size is 5,000 accesses approximately at $ 46 million. It is estimated to grow to 10,500 accesses at $ 98 million in 2008, a conservative figure. Our focus will be on forex and equity markets including wealth management and investment banking.â€