Infosys
Work Environment: Really good, great environment, they have a really good gym with a steam bath, sauna... the works, and a dormitory you can use any time you like. The crowd is really nice.
Work: Not good, they work on "Software Solutions", a euphemism for job-work for foreign companies. Most of their work is on maintainance projects. BORING!
The work they do in the telecom area is better than the rest... more development. They have an Internet Consultancy group which sounds good, but has no projects.
Pay: Pretty stingy for the first year, if you stay on longer you get some amazing stock options. Due to RBI restrictions, these are less beneficial now, but they've got some kind of compensatory scheme worked out.
Hope it helps,