Bharat Desai's Syntel is richest small business in US

Tuesday, 28 September 2004, 07:00 Hrs
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NEW YORK: Bharat Desai's Syntel, a Nasdaq-listed computer and data services company, has been named the richest small business company in the US by Fortune magazine.

Desai's total ownership value in the company has been estimated at $550 million.

With its headquarters in Troy, Michigan, Syntel was co-founded by Desai with a savings of $2,000 in 1980 along with Neerja Sethi, now its vice-president.

Bharat Desai, its chief executive and chairperson, has a master's in business administration from the University of Michigan.

The company provides customised outsourcing solutions in IT and related services and has over 4,000 employees in 23 locations including Chennai, Mumbai and Pune.

A 40-acre campus to house some 9,000 software engineers in 12 buildings over the next few years was launched recently at Pune, Maharashtra.

The company was an early bird in outsourcing development work from India when it established its global development centre in Mumbai in 1992.

It crossed $50 million in revenues in 1994, $100 million in 1997 - when it launched its initial public offer and was listed on Nasdaq - and $179 million in 2003.

Source: IANS
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