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|May 27, 1998||
NASSCOM to pick up 50 per cent stake in 3SEThe National Association of Software and Service Companies is planning to pick up a 50 per cent stake in Software Services Support & Education Centre Limited, a joint venture company between the Indian government and the European Commission.
NASSCOM is likely to buy out the 50 per cent stake held by the Karnataka government in 3SE. The remaining 50 per cent is held evenly by Wipro, GE
"The main purpose is to retain companies like Deutsche Software, Siemens and others which have a presence in Europe and India," said M D Rao, vice-president, 3SE.
"The spirit of 3SE, of fostering software development and related activities between India and Europe, will remain unchanged," he added.
The divestment process, however, is likely to take shape only after the formal handing over of 3SE from the Department of Electronics to NASSCOM.
The DoE and the EC had invested around Rs 80 million in 3SE through grants. The purpose behind 3SE is to promote the growth of software industry and provide a platform for enhancing trade and co-operation between India and the European countries.
It will also serve as an organisation to build synergy in collaboration with European partners, covering a wide range of software services and tap each other's markets.
In the end, NASSCOM may merge some of its software promotion projects like NASSCOM India European Software Alliance with 3SE.
India's software exports to Europe increased to around 22 per cent during 1997-98. The United States, which accounted for 95 per cent of exports for the past five years, now accounts for only around 60 per cent.
- Compiled from the Indian media
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