Home MMBIZ News CMC Eyes Investments in Myanmar

CMC Eyes Investments in Myanmar

Indian IT services, consulting and software company CMC, a unit of Tata Consultancy Services, aims to expand its business in Myanmar, a top official said.

The company has already completed a feasibility study of the Myanmar market, Managing Director and Chief Executive Officer R Ramanan said.

“We are evaluating Myanmar as we know there are going to be substantial investments in that country. But again, finding the right partner is important. Like in any country that is in the process of stabilising, there would be lot of unknowns,” said Ramanan.

Officials from CMC were part of a delegation that recently came to Myanmar. CMC can tap potential opportunities in systems integration and asset-based solutions in Myanmar, analysts say.

India’s investment in Myanmar currently stands at about $275 million. It is expected to soar to over $2 billion in the next few years.

“Myanmar is a highly unusual but promising prospect for businesses and investors – an underdeveloped economy with many advantages, in the heart of the world’s fastest-growing region. Home to 60 million inhabitants (46 million of working age), this Asian nation has abundant natural resources and is close to a market of half a billion people,” Mckinsey Global Institute said in a recent report.

CMC is also weighing opportunities in Indonesia, for its solutions in the mining and minerals space.

The company sees traction for mine management and control systems, which are global positioning and sensor-based in Indonesia.

“We help companies with pit-to-port kind of projects, wherein we offer technology support for taking iron ore from a pit and shipping it out from a port,” he added.

India-based Tata Consultancy Services (TCS) is the largest software services company in Asia and one of the top ten companies in India.

CMC has 18 offices, 170 service locations, 520 non-resident locations and over 10,775 employees worldwide. CMC’s 2012 revenue stood at $250 million.

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