The International Finance Corporation is planning to increase its investments in India to $1 billion in the next two years even as it has pumped in additional funds in a US-based company with operations in Chennai.
The international investment arm of World Bank sees a potential in the business process outsourcing business, especially in medical transcription, which is emerging as a profitable business, IFC investment officer (IT investments group) Daniel Crisafulli told reporters in Mumbai on Friday.
"The IT/BPO market is slated to grow at around $10-25 billion worldwide and there is a huge potential for it in India," he added.
IFC, which had invested around $700 million in the country, has also plans to fund the media, IT and telecom sectors and small and medium businesses, he said, adding that it was 'willing for greater investment' in the country, provided it gets 'quality investment proposals.'
IFC has committed a total of $1.86 billion for various portfolios in India since mid-2000 when it began its first investments in the country, he said.
The institution has not exited from any of the companies it had invested in, he said, adding, several of these entities were nearing the initial public offer stages.
IFC has invested around $3 million in Spryance Inc for expansion of its India operations. The company, which has a centre in Chennai, plans to open two more centres at Pune and Hyderabad, with an additional workforce of 1,200, Spryance CEO and president Raj Malhotra said.
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