FII, Mutual Fund pick up 11% in QAI India

BANGALORE: A Foreign Institutional Investor (FII) and a Mutual Fund have picked up 11 per cent stake in Quality Assurance of India (QAI), a company engaged in consultancy and training in software engineering and management.

QAI announced on Thursday that Prudential ICIC Asset Management Company and Chescor were the ones who picked up the stake in the company. QAI executive director Navyug Mohnot said that the deal was facilitated by Development Bank of Singapore Capital Trust Securities India Pvt. Ltd. Mr Mohnot said that the money would be used for creating QAI India into a global knowledge corporation.

QAI India is currently organising the SEPG Conference in India 2000 in Bangalore. The two-day conference was preceded by three days tutorials on various aspects of quality in the software sector. Meeting the press, Mr Mohnot said that SEPG conferences would be taken to other cities of India during the next year. "We will also leverage the Internet. We have had requests from corporates to provide access to the conferences and tutorials on the Net so that a wider audience is covered," he added. This year, the conference received about 800 participants.