Avineon to invest USD 5 million in India

Hyderabad, May 26: Avineon, a leading global service provider in Engineering, Geospatial and Information Technology, today announced its plans to invest USD 5 million and increase the headcount to 2,000 in India this year as part of its plans to become a USD 100 million company by 2010.

Buoyed by the company's performance in the previous year, President and CEO Avineon Inc., USA and Chairman and Managing Director Avineon India Pvt Ltd Karlu Rambhala, told the media here that the company had attained leadership in Engineering and Geospatial services and had posted a turnover of USD 40 million in the year 2006.

Avineon India with 1,250 employees is expected to grow by 60 per cent in the financial year 2007-2008 and plans to locate its own facility at Hyderabad for which it had requested Chief Minister Y S Rajasekhara Reddy to provide five acres land. The company also plans to set up facilities in Tier-2 cities, including Visakhapatnam and Kakinada.

Ahead of possible IPO over the year, the company is in the process of signing a Joint Venture (JV) with a US-based MNC for taking up infrastructure works from Hyderabad.

Avineon Inc had been growing at the rate of over 30 per cent for the past five years and was on track to exceed that this year, he said.
The Middle East and Asia Pacific markets were expected to make significant contributions towards its growth as it plans to open office at Dubai this month. It will also open office at Singapore, Australia and New Zealand.

UNI