Minecode to pump in $ 10 mln, set up R

New Delhi, Jan 10 (UNI) IT solutions provider Minecode will invest 10 million dollars for setting up a new research and development facility in Orissa by June this year and expand its existing one in Gurgaon.

The company headquatered in the US will pump in 50 per cent of the total investment in its new facility at Bhubaneswar.

''We will set up an R&D facility in Orissa by June at a cost of five million dollars,'' Minecode President and CEO P K Samal told reporters here today.

Mr Samal added that the remaining five million dollars will be be put in bringing cutting-edge technologies to the Indian market.

He said the R&D will be equipped with over 500 professionals from top 10 universities.

The company's Gurgaon facility has a headcount of 160 professionals which would be increased to 360 by March-end, he said.

Mr Samal said the company is in constant touch with various ministries and is in the closing stages of talks to provide solutions in e-Governance, adding that an MoU with the government is likely to be signed shortly.

The six-year old company expects to earn a global turnover of 35 million dollars between January-December this year as compared to 17 million dollars in the same period last year.

Besides setting up R&D in Orissa, the company has another project likely to be in northern India, he said but declined to give details.

UNI