The set turnover would be achieved by increased revenue from products and services as well as introduction of new business lines. Eyeing the banking technology markets, the company is increasing its customer base in new territories including Australia, Japan, China and advanced markets of Western Europe.

The company has decided to set up a representative office in Europe which will be converted into a full-fledged outfit later. "We are in the process of applying to the Reserve Bank for necessary approvals," CITIL chief executive officer R Ravishankar told The Financial Express.

The company is also planning to set up additional centres of excellence in the country. "Soon we will have two such centres in the areas of customer relationship management (CRM) and Java-based solutions for financial services," Ravishankar said, addressing a press conference here on Wednesday.

The company has already set up a data warehousing centre of excellence with a pool of more than 100 professionals with expertise in this strategic technology. It has also established an internet solutions unit that focuses on internet technologies and e-commerce. CITIL is investing in new product development to meet emerging market requirements. A new internet banking product - Flexcube@ - and a new unified decision support and MIS solution using data warehousing technology -- Flexcube Information Centre -- are due for release later this year, according to Ravishankar.