April 16 :    April 16:  Wipro today announced it was entering biotech-IT-an area where information technology converges with life science-by carving out a new division, Wipro Healthcare and Life Science. The business is worth an estimated $ 25 billion and expected to grow at an annual rate of 20 per cent over the next few years. Announcing the decision in Bangalore, company chairman Azim Premji said: 'The launch of Wipro Healthcare and Life Science is in continuation of our strategy to identify growth opportunities that enhance shareholder value. We believe that information technology can revolutionise healthcare and life science. Our domain knowledge in IT, customer relationships built in our healthcare business through Wipro GE Medical Systems and Wipro Biomed provide us a with a distinct edge to address the requirements of this emerging segment.' The new division of the Rs 3123.45-crore Wipro will offer solutions to hospitals, health insurance companies, life science firms, medical and analytical device makers. In the US, where the biotech industry is the most developed, there are around 1,200 companies with over 1,50,000 skilled workers in high-salary jobs. In India, the biotechnology industry was valued at $ 2.5 million in 2001. As part of a larger effort to leverage customer relationships and ties with manufacturers of medical and life science equipment, the business interests of Wipro Biomed will be transferred to the new healthcare and life science division. In addition, the existing client base of Wipro Technologies in the healthcare vertical will be shifted to Wipro Healthcare and Life Science. Biomed is a division of Wipro that sells and services instruments meant for the bio-analytical and healthcare markets. D. A. Prasanna, who has been appointed as vice-chairman of Wipro, will head Wipro Healthcare and Life Science. He will also be chairman of Wipro Fluid Power, and continue to be on the board of Wipro GE Medical Systems. 'Healthcare IT is a big market and life science is soon emerging as an industry. Wipro has a network of relations with global leaders like GE Medical Systems, Beckman Coulter, Agilent, Fujinon and Cerner,' Prasanna said. Infosys launch Infosys Technologies today announced the launch of its business process management (BPM) venture, called Progeon Ltd, a company in which it would hold a majority stake. Infosys has also acquired additional funding of $ 20 million from Citigroup Investments for Progeon, a company statement said. Last week Infosys had said it has plans to start a BPM initiative with an investment of $ 5 million. Progeon would be headquartered in Bangalore and is incorporated in India, the release said. The company would currently operate out of the Infosys state-of-the-art facilities in Bangalore. Together Progeon and Infosys would offer their clients a complete cost-effective solution based on service and technology outsourcing, the release said. Phaneesh Murthy, Infosys board member and head - worldwide sales and marketing said, 'We welcome Citigroup Investments as an investor and we see this as a great partnership'. 'Infosys is a leading brand in India and this is a significant investment for us', said Robert Druskin, executive vice-president-chief operations and technology officer of Citigroup.