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Hyderabad:
MindTree Consulting, which is engaged in IT services,
R&D and engineering / hardware designs, is planning
to invest $100 million in its Hyderabad operations over
the next five years. The company has set a revenue target
of $230 million by 2007 with over 60 per cent growth annually.
Launching
the Hyderabad development centre in the presence of Andhra
Pradesh chief minister YS Rajasekhara Reddy, the chairman
and managing director of MindTree Consulting, Ashok Soota,
said, "We expect the next few years to be a period
of accelerated growth for MindTree. In order to address
our expansion plans we picked Hyderabad as a natural choice
with its talent pool in technology and positive support
from the state government."
He
added that the company would invest about $100 million
in Hyderabad, which would be spent over the next five
years. Of this, $25 million would be for infrastructure
and other facilities (capital expenditure) while the remaining
$75 million would be on personnel-related expenditure.
"We
expect the company to achieve 60 per cent growth annually
for the next few years, which is more than double the
industry growth and the proposed investment in expansion
is aimed at this," Soota further said, adding the
name ''MindTree'' was originally conceptualised in Hyderabad
five years ago.
The
Hyderabad centre, which is expected to become fully operational
from March 2005, will have an initial strength of 250
and grow to 500 by March 2006. Thereafter, the manpower
strength will be doubled, Soota said. He said the employee
strength of the company would go upto 2,000 to 3,000 professionals
in the next few years in Hyderabad. To accommodate the
increased staff, the company would set up its own facility
and require 15 to 20 acres of land for this.
The new centre will handle all the works that are being
done out of Bangalore
including applications development, maintenance, development
consulting services, hardware designing, R&D works,
IP products and products realisation.
The
company has set a target of over $230 million turnover
by 2007-08.
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