Mysore, India – September 15, 2014
Infosys Foundation, the philanthropic arm of Infosys, today launched Spark-IT, a program to enhance the skill levels of engineering graduates in the country. Infosys Foundation has several programs aimed at alleviating hunger, promoting education, improving health, assisting rural development, supporting arts and helping the destitute. For fiscal 2015, Infosys Foundation plans to deploy INR 249 crore towards these initiatives.
Spark-IT is a three month program, to enhance both technical and communication skills of unemployed engineering graduates. Those candidates who have graduated in 2014 and met the eligibility criteria were shortlisted for selection. The eligibility criteria included graduation in specific engineering disciplines and consistently good academic performance. While the program aims to enhance employability of these graduates, it does not guarantee employment at Infosys.
The program has received an overwhelming response with more than 35,000 applications from 27 states. In fiscal 2015, Spark-IT plans to train 1,800 graduates spread over 11 batches, at the Infosys campus in Mysore, Mangalore and Chennai. Infosys Foundation has committed INR 9 crore for this program. Candidates will be given a monthly stipend of INR 10,000 and an accommodation allowance of INR 5,000 per month. On completing the program, they will be given a certificate of participation.
Speaking at the launch of the program, Mrs. Sudha Murty, Chairperson of Infosys Foundation said, “Many engineering graduates in India find it difficult to gain meaningful employment due to inadequate skills. Through Spark-IT we are imparting technical and communication skills to prepare candidates for future employment. The overwhelming response for the program demonstrates the need for such an initiative.”
Dr. Vishal Sikka, Chief Executive Officer, Infosys said, “At Infosys, we are deep believers in education and in people’s ability to learn, and its power to amplify the human potential. I am delighted that the Spark-IT program by the Infosys Foundation is helping us extend our expertise in IT to a large pool of unemployed engineering graduates.”
Infosys is a global leader in consulting, technology and outsourcing solutions. We enable clients, in more than 30 countries, to stay a step ahead of emerging business trends and outperform the competition. We help them transform and thrive in a changing world by co-creating breakthrough solutions that combine strategic insights and execution excellence.
Visit www.infosys.com to see how Infosys (NYSE: INFY), with US$8.25 B in annual revenues and 160,000+ employees, is Building Tomorrow's Enterprise® today.
Certain statements in this release concerning our future growth prospects are forward-looking statements regarding our future business expectations intended to qualify for the 'safe harbor' under the Private Securities Litigation Reform Act of 1995, which involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in earnings, fluctuations in foreign exchange rates, our ability to manage growth, intense competition in IT services including those factors which may affect our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, industry segment concentration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks or system failures, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the success of the companies in which Infosys has made strategic investments, withdrawal or expiration of governmental fiscal incentives, political instability and regional conflicts, legal restrictions on raising capital or acquiring companies outside India, and unauthorized use of our intellectual property and general economic conditions affecting our industry. Additional risks that could affect our future operating results are more fully described in our United States Securities and Exchange Commission filings including our Annual Report on Form 20-F for the fiscal year ended March 31, 2014 and on Form 6-K for the quarter ended June 30, 2014. These filings are available at www.sec.gov. Infosys may, from time to time, make additional written and oral forward-looking statements, including statements contained in the company's filings with the Securities and Exchange Commission and our reports to shareholders. In addition, please note that the date of this press release is mentioned at the beginning of the release, and any forward-looking statements contained herein are based on assumptions that we believe to be reasonable as of this date. The company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the company unless it is required by law.
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