Syntel to pump in $100 Mn for hiking capacity

By siliconindia   |   Monday, 19 November 2007, 20:30 IST
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Pune: Syntel has chalked out plans to expand in its existing locations for the next couple of years. The company is venturing into new verticals and horizontals and eyes a revenue target of dollar one billion by 2010, reported BusinessLine. "The company would be investing close to $100 million for capacity expansion," said Bharat Desai, Chairman, Co-founder and Chief Executive Officer, and Keshav R. Murugesh, President and Chief Operating Officer. For further expansion the IT and BPO firm is targeting Tier-II and Tier-III cities for and has short-listed a few locations. The company currently has centers in Chennai, Mumbai and Pune. Syntel would be increasing its capacity to 6,000 people by the second quarter of the next fiscal. Currently the company is engaged in the process of drawing up its Phase-III expansion plans which would cover training, and recreation centres and increased seating capacity. The company has already commenced construction of about 30-acre special economic zone at Sirisuri in Chennai. In Phase-I, it would be constructing 7.5 sq lakh ft. This plan comprises of three software development blocks, which is expected to be completed by the third quarter of 2008. The Chairman said Syntel is also looking at including verticals such as pharmacy and life-sciences to its fold. On the horizontal side, it is targeting the mobile applications area and has initiated a few pilot projects. "The company has recorded revenues of Rs 355.3 crore for the quarter ended September 2007 as against Rs 279.9 crore during the corresponding period last year, an increase of 27 percent," said Desai.