GECIS Plans to double revenues
By agencies   |   Monday, 02 May 2005, 19:30 IST
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NEW DELHI:Business process outsourcing company GECIS expects to double its revenues to $1 billion by 2008 from less than $500 million in 2005, and is looking at acquiring `niche businesses' both in India and overseas. "Our industry is tiny compared to the global market opportunity. The Indian outsourcing industry is only about $3-4 billion compared to the $200-billion global market. GECIS hopes to hit $1 billion in revenues by 2008, from just below $500 million of revenues in 2005," Pramod Bhasin, President and Chief Executive Officer of GECIS said. He said the rise in revenues would come from organic growth as well as potential alliances and acquisitions. "While we cannot provide any details on specific acquisitions, we are definitely looking to acquire niche businesses both in India and overseas," he said. GECIS' current business, about 92 percent comes from GE, but the company sees its revenue mix changing. "I think this proportion will change in a few years to 25 percent non-GE work and this trend will continue. GE business is also expected to grow throughout this period," Bhasin said. "The key areas, where we believe we have strengths, are finance and accounting, high-end analytics, collections, insurance and software as well as healthcare, industrial, energy and transportation. We already have experience in each of these industries based on GE's businesses," he added.

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