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MindTree Consulting to hire 3,500 professionals

MindTree has become the fastest Indian IT company to cross the $100 million mark in revenue.

india Updated: Apr 01, 2006 17:00 IST

Information technology and Research and Development services company MindTree Consulting plans to float an initial public offer during the current financial and also hire 3,500 professionals by 2007-08, the management said on Saturday.

MindTree has become the fastest Indian IT company to cross the $100 million mark in revenue.

The Bangalore-based firm reached $102 million mark in revenues in 2005-06, an 83 per cent growth over the previous year; the company in which ventural capitalists hold a stake of around 40 per cent, proposed to go public in the second half of 2006-07, its Chairman and Managing Director Ashok Soota said on Saturday.

R&D and IT services grew by a robust 75 per cent and 87 per cent, respectively, a former President of Confederation of Indian Industry (CII) said Soota.

The company crossed the milestone in just six years. Historically, Indian software companies have taken two or three times as long to reach the $100 million mark, company executives said.

Soota said the company is confident of reaching $231 million in revenues by 2007-08.

The company currently has a headcount close to 3,200.

Its General Manager, People Function, Puneet Jetli said the firm plans to hire 1,500 to 1,600 employees in the current financial year and another 2,000 in 2007-08.

Company's Chief Operating Officer Subroto Bagchi said the firm has signed an MoU with the Government of Orissa to start a 30-acre campus in the special economic zone in Bubaneshwar.

Soota declined to speak on the size of the IPO and on the issue of dilution of stake, saying the company expects to revisit the proposal sometime in September.

The company is exploring the possibility of entering the knowledge process outsourcing segment.

He also said the company is looking out for an acquisition which would add to its domain knowledge. The prospective acquisition would be in the region of $10 and $20 million but the company would also look at smaller buyouts as well, Soota added.

The company's President and CEO, IT Services, Krishnakumar Natarajan said MindTree is looking to enter the verticals of manufacturing and insurance in the current financial year.

The company's President and CEO, R&D Services, Janakiraman S, said that for telecom major Nera, MindTree conceptualised and developed state-of-the-art handset.

The company now has four patents, and another seven are in the pipeline, he added.

First Published: Apr 01, 2006 16:35 IST