New Delhi, Oct 26 (UNI) In the backdrop of acquisition of an Indian information technology company by a Norwegian firm, Finance Minister P Chidambaram dismissed West's apprehensions about job losses on account of IT outsourcing to India as '' unfounded.'' Even as he sought to remove the misapprehension on IT sourcing at a seminar in the Norwegian capital Oslo last evening, acquisition of Bangalore-based IT company SPAN by EDB Business Partners ASA, Norway's largest IT company, was announced. This is the largest-ever IT acquisition by Norwegian IT company in Asia involving over 500 IT professionals working with SPAN.

In his keynote address, Mr Chidambaram pointed out that IT outsourcing to India could improve Norwegian industries' competitivity and their capacity to adopt to the ongoing global trends. '' India has been Norway's first source of skilled professionals for past one year,''he added.

Emphasising the unique fundamentals that had gone into making Indian IT industry among the world's best, he pointed out that Indian IT industry exports crossed 37 billion dollars last year and were likely to reach 80 billion dollars by 2011.

The seminar on "IT outsourcing to India," jointly organised by the Norwegian IKT Association and Indian Embassy, was attended by prominent IT stakeholders in Norway and India. IKT Director General Per Morten Hoff welcomed India-Norwegian synergy in IT sector and assured of his Association's patronage to this trend.

The Finance Minister returned from Norway this morning, an official statement said.

UNI