The rumor has been published by Indian newspaper The Financial Express, which claims the money will be combined with other funds to form a INR 2.1bn ($46.3m) war chest to spread into 100 more Indian cities in 2006. The paper claims that Washington-based IFC has yet to make a final decision on the funding, and that the source of the additional funds has not yet been revealed.
Mumbai, India-based CMS is a privately held company with a number of India’s leading offshore services executives on its board, namely S Ramadorai, the chief executive of Tata consultancy Services. However, CMS focuses purely on the domestic IT services market, providing facilities management, field support, software development, outsourcing, and training services.
