"Expansion should not be read as moving out of Bangalore": Murthy

Bangalore, Apr 14 (UNI) IT giants Infosys Founder and Chief Mentor Narayana Murthy today clarified that the company expanding its operations in other states should not be read as moving out of Bangalore.

''Andhra Pradesh government has offered the needed infrastructure for expansion of the company in Hyderabad and extending operations in neighbouring States should not be read as moving away from Bangalore'', he clarified.

He said that the company has also established centres in Mangalore and Mysore and they are doing well and results were on expected lines.

Mr Narayana Murthy was speaking to newsmen after announcing the annual results of the company for the year 2005-06 here.

Expressing his satisfaction over the Company's performance during the last 25 years, Mr Murthy said that the success of Infosys stands as shining example for the financial reforms introduced by Prime Minister Manmohan Singh during his tenure as Union Finance Minister in 1991. ''Our's is a good example for the young entrepreneurs to march forward. We also set good examples by democratising ourselves by profiling corporate governance'' he added.

He said that the Company has achieved many milestones while sticking to its cherished values and seeking respect among all its stake holders.

Defending appointment of Chief Financial Office and Board member T Mohandas Pai as HR department head, Mr Murthy said that it was being done keeping with the tradition of the Infosys providing opportunities to youngsters. Mr Pai accepting the new assignment of HR department, Education and Research and Administration, the company will benefit in recruiting good and quality people in the days to come.

Mr Murthy has said that the global IT services industry was showing signs of stronger growth and Infosys was well poised to take advantage of it. ''Infosys has created a team of high performers who have consistently demonstrated their ability build the company of the future'', he added.

Mr Pai, who was also present, said that the state government has sent a letter informing that government was ready to provide land of about 845 acres of land for the company's expansion plan. He said that the state government also instructed Infosys to consult with the Karnataka Industrial Area Development Board to acquire the required land on the prevailing market price with an appreciation of 20 per cent of land value. The company was yet to take any decision on the issue, he added.

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