UST Global announces 5 Bn expansion plan
Monday, 22 October 2007, 07:00 Hrs
Thiruvananthapuram: UST Global, a California-based IT firm that has its Indian headquarters at Technopark here, Monday announced expansion plans involving an investment of $130 million (about 5 billion). Speaking to reporters here, Sajan Pillai, president and chief operating officer of the company, said the development strategy would be rolled out in three phases. "We are building our own campus at the 36 acres that Kerala government has given us inside Technopark. After it is completed, we would have 1.3 million sq. ft. of campus that would employ 10,000 professionals," said Pillai. UST Global began its operations in 1999. Today it is the biggest software employer in Kerala with a total business of $250 million (about 10 billion) last fiscal. Currently UST Global employs 5,500 professionals, out of which close to 3,500 works at Technopark. "Our expansion plans include investments of $60 million, $40 million and $30 million in the first, second and third phases, respectively. We expect our total revenues to touch $500 to $650 million by 2009," added Pillai. Pillai said the company works for 42 Fortune 500 companies, which is expected to increase to 75 in the next two years.