Tech Mahindra invests Rs 350 crores for domestic expansion

Kolkata, Jul 31 (UNI) Tech Mahindra, a leading provider of I T solutions to telecom industries with an asset base of Rs 12,427 million, has embarked on a huge expansion programme in eight more cities in next two years with a projected investment of Rs 350 crores.

Speaking to newsmwen here today after announcing the Company's decision to enter the capital market with an public issue of 12.7 million equity shares of Rs ten each, Tech Mahindra President, Company Affairs Sujit Bakshi said to begin with they had already acquired about 100,000 square metres of land in the Rajiv Gandhi Infotech Park in Pune for expanding the capacity in Tech Mahindra's headquarters.

A part of Rs 425 crores, to be raised through the proposed IPO would be invested for the expansion programme Mr Bakshi said adding that when complete, the site would create job opportunities of about 9,000 more IT professionals from around the country.

Moreover, Mr Bakshi said, simultaneous steps were being initiated to acquire additional land in several other cities, including Bangalore, Hyderabad, Kolkata and Chandigarh, where apart from increasing the business, more IT professionals would be engaged.

Asked to elaborate his expansion programme specifically for Kolkata, Mr Bakshi said in keeping with its reputation as the fastest growing IT hub, they had decided to acquire about 15 acres of land at Bantala complex at a cost of Rs 80 crores where bout 5,000 people would be offered fresh employment in two or three phases in as many years.

About his overseas plan since Tech Mahindra was considered as the 4th largest exporter of IT technologies, Mr Bakshi said they had just open a state of the art delivery Centre in Singapore to cater to the increasing demand from local operators.