MindTree opens new Dvpt Centre in Orissa

Kolkata, Feb 7: MindTree Consulting Limited, a leading global IT Software and Research company, has embarked on an overseas acquisition spree besides setting up two more development centres in India soon.

Announcing this while elaborating their plans to go for Intial Public Offerings from February 9, MindTree Chief Executive Officer M Parthasarathy here today said at least 60 per cent of the total proceeds, amounting Rs 130 crores, would be invested for the proposed acquition of some IT related overseas units, for the repayment of loans and for the setting up of a new Development centre at Bhubaneswar and the expansion and modernisiation the existing Chennai centre at a likely expenditure of more than Rs 100 crores.

Claiminig that their IT services business unit offered a wide range of services, including strategic consulting, application development, package implementation and product engineering services, Mr Parthasarathy said at present MindTree operated through 17 centres across the world including three in India.

Asked whether they were planning to broadbase their international operation in the wake of generation of more than 75 per cent of MibndTree's total revenue from abroad, the CEO said apart from increasing their clientele base, they had no other plans. Later on he was prevented by the lead managers from making any forward looking statement because of the SEBI guidelines in this regard.

UNI