KPIT Cummins aims to touch $100M

By agencies   |   Monday, 21 November 2005, 08:00 Hrs
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HYDERABAD: KPIT Cummins Ltd is in the process of expansion mode and expects to touch the revenue of about $100 million by the next year. The company is on the verge of announcing two strategic acquisitions and mulling overseas expansion in China and East Europe.

Commenting on this, the company’s Chairman and Group Chief Executive Officer, S B (Ravi) Pandit said, “The acquisitions would help the company to foray into new areas in the manufacturing and VLSI (very large scale integration) design space. It would provide access to new geographies and clients.”

At present the company has about 1,800 people spread across two locations in India and other centers. For this year, KPIT Cummins is expected to grow about 30 percent. “We are not looking at new centers, but expect to grow in Pune, the home base and Bangalore,” he said.

“Even without the acquisitions, we are set to achieve revenues of about $73 million during this financial year, up from $58 million last year. For the next year we are aiming to touch the $100-million mark even without any acquisitions. This is based on the steady growth the company managed to achieve over the last three years,” he explained.

Earlier to this, Lehman Brothers invested about $8.5 million in KPIT, picking up about 8 percent stake.

Pandit said, “The company received $11 million debt from IFC, which has a flexible payment option. The acquisitions and expansion would be part-funded by this. We are not foraying into any new areas and prefer to stay focused on solutions for the manufacturing sector and embedded software and VLSI design space.”

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