Financial Daily from THE HINDU group of publications
Thursday, Mar 27, 2003
Financial Daily from THE HINDU group of publications Thursday, Mar 27, 2003 |
|
|
|
|
|
Info-Tech
-
IPOs Patni Computers biding time for IPO Our Bureau
CHENNAI, March 26 THE Mumbai-based privately held firm, Patni Computers Systems (P) Ltd, is open to going public even as the company expects about 37 per cent growth in revenues for the calendar year 2003. "The manner in which the company's growth has been happening over the last five years, going public would be the next logical step," Patni's Resident Director, Mr P.J. Kutar, told presspersons here on Wednesday. Patni reported revenues of $133 for the calendar year 2002. The company had been reporting a compounded annual growth rate of over 35 per cent for the last five years, Mr Kutar said. Like other domestic IT firms, Patni was evaluating the market conditions for a possible listing. At present, there were no concrete plans, he said. According to him, the company was scouting for an acquisition to partly utilise the $100-million venture capital fund it got from General Atlantic Partners (GAP) — a minority stakeholder in Patni. He said that the funds would be used for the company's internal growth and the possible acquisition was to fit Patni's business strategy. Patni was looking for a `boutique' company including verticals and BPO, he added. Patni has chalked out an additional $12 million investment plan for its BPO (business process outsourcing) operations during the calendar year. It also plans to set up an IT hub in the UK, and a possible near-shore facility in Canada. The investment would be in addition to the $8-million the company invested in its Pune and Woburn BPO centres, he said. The company also plans to set up two more offices in Osaka, Japan, and in Florida. This is in addition to the 21 offices the company has in 15 countries. The centres included 11 in the US and one in Tokyo, he said. An IT consultancy and solutions provider, Patni expects the UK hub to serve its existing, and future customers, in that country and across Europe. According to Mr Kutar, the company was bullish on its BPO business, which would contribute significantly to its growth. He, however, could not provide a roadmap on BPO operations. At present, insurance vertical contributes about 40 per cent of the company's revenue, manufacturing about 30 per cent, while other sectors including financial services contribute the rest. The profile might change with BPO and financial services growing, he said. The company is to expand its Chennai development centre by doubling its employee strength to about 600. It would invest about $1 million in the expansion, in addition to $1.5 million made in the existing centre, said Mr E.Rajendran, General Manager in charge of the Chennai centre. As on December 2002, Patni's total employee strength was 5,600. The Chennai facility would be a business continuity site, in addition to Pune and Woburn, and also be a base for building retail practice. Hitherto, Chennai, along with the Mumbai centre, functioned as GE delivery locations for Patni, he said.
Article E-Mail :: Comment :: Syndication
|
Stories in this Section |
|
The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription Group Sites: The Hindu | Business Line | The Sportstar | Frontline | The Hindu eBooks | Home |
Copyright © 2003, The
Hindu Business Line. Republication or redissemination of the contents of
this screen are expressly prohibited without the written consent of
The Hindu Business Line
|