The renamed company will focus on providing IT-enabled services and solutions said Mr Naveen Jindal, chairman of Infovergix at a press conference in the Capital to announce the launch of the new company. Jindal Steel and Power will invest Rs 10 crore in the first year in Infovergix, mainly in hiring the required skill sets, Mr Jindal said.

According to Mr Brahm Majithia, managing director and CEO of Infovergix, the new company is planning to target an at least 10 per cent market share of the emerging IT-enabled services market.

According to Mr Ravi Chauhan, country manager (India and Saarc), Nortel Networks, "the alliance will leverage the technology strengths of Nortel and deliverable skill sets of Infovergix. Nortel's key focus area for India are e-business, wireless Internet, Internet telephony and optical Internet, and Infovergix will help us address this market." He added that as of now Nortel had no intention of picking up stake in Infovergix, with its participation being limited to providing the relevant technology.

"The global IT services market is estimated to grow to US $1.4 trillion by 2003. This represents a huge business opportunity for Infovergix", said Mr Naveen Jindal.