Headstrong to pump in $ 20 mln in India operations

New Delhi, Feb 11 (UNI) TechSpan India Ltd, a subsidiary of Headstrong Services LLC, will increase headcount to 2,500 from 1,500 by the year-end and invest over 20 million dollars to ramp up its India operations.

The company which has legally changed its name to Headstrong Services India Pvt Ltd for its India operations, with immediate effect, has set a revenue target of 200 million dollars in 2007.

''The company invested over 20 million dollars in its Bengaluru and Noida Centres of Excellence in 2006 and will continue to make similar investments over the coming years to manage the anticipated business growth,'' Mr Arjun Malhotra, Chairman and Chief Executive Officer, Headstrong, said in a statement.

Headstrong Services India plans to grow at 40 per cent and will increase its India-based headcount from existing 1,500 to 2,500 by the end of 2007, he added.

On the change of name, Mr Malhotra said, ''This will enable us to build the Headstrong brand in India. We see the name change as an excellent opportunity in our quest to lead the securities financing and capital markets globally.'' Headstrong also announced the opening of a new facility in Noida.

However, it will maintain its centres of excellence in Delhi and Bengaluru focused on supporting its global customer and developing prototypes, reusable components and solutions for the capital markets industry.

TechSpan merged with Headstrong in October 2003. Post-merger, the Indian entity continued to be called TechSpan while globally the company was called Headstrong.

UNI