Satyam to invest $25 mn, hire 1,600

India's fourth largest software exporter is setting up development centres in three more cities.

India's fourth largest software exporter Satyam Computer Services has said it would invest close to $25 million in the fourth quarter and hire 1,600 people.

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"We had targeted capital expenditure of $50-65 million this fiscal. We have already invested close to $35 million," Chief Financial Officer of Satyam V Srinivas said.

"The company had plans to hire between 5,700 and 6,000 people this fiscal and we have already hired 4,400 people," he said.

The company's total headcount stands at over 25,000 of which around 23,400 are in IT services and 1,600 are in its Business Process Outsourcing arm Nipuna.

In the third quarter Satyam added 950 associates in IT services and 100 in Nipuna.

Satyam, which reported 39.44 per cent year-on-year increase in revenues to Rs 1,265.29 crore, is setting up development centres in three more cities.

"We are currently present in five cities in India. We have acquired land in Kolkata, Nagpur and Vishakapatnam for setting up development centres," Srinivas said.

The company has acquired 100 acres land in Nagpur, 50 acres in Nagpur and 2.5 acres in Kolkata.

Satyam, which recently acquired a company in CitiSoft in UK and Knowledge Dynamics in Asia-Pacific, is looking for more acquisitions.

"We are constantly scanning the horizon... If we find a right target we will do it. We are looking to acquire companies in US and Europe," he said.