Japanese telecom gaint Softbank recorded a loss of $350 million for last nine months of 2016 in the fair value of the Company’s investments in India. The loss comes on top of a $555 million writedown on the value of Softbank’s India portfolio in the six-month period ending September 2016. “With reference to the current markdown, portfolio…
Infosys aims to more than double revenues from the energy and telecoms verticals by 2017, as it looks to tap opportunities in the upstream oil and gas segment in the United States and grow its presence in the European telecoms market.
In the energy space, Infosys is betting on rising IT spends in the US by energy giants, including ExxonMobil and BP, as it also tries to help firms mine petro-technical data and come up with solutions for pipeline integrity management, said a senior executive.
“More than 50% of the investments will be in upstream with the balance being divided among midstream and downstream,” said Rajesh Krishnamurthy, segment head of energy and communications unit of Infosys.
“Mid-stream will be more about re-invigorating some of the dilapidated infrastructure that still exist in some of the refineries where you can increase production by leveraging some of the new technology,” said Krishnamurthy, adding that the addressable IT market in the energy space is about $50 billion. “I am pretty confident that we can get to the target of a billion dollars in the next three to five years without making any acquisitions. I am saying this purely on an organic basis,” Krishnamurthy told ET in an interview. Original post at The Economic Times