The Hindu : Sutherland to set up own centres

Online edition of India's National Newspaper
Tuesday, Mar 23, 2004

Business

Business

Sutherland to set up own centres

By Our Staff Correspondent

CHENNAI, MARCH 22. Sutherland Global Services Inc. has plans to have its own facility in India. The company is looking at Chennai and Mumbai for possible location of its own development centre.

At present, the company has four leased centres in these two cities. The move for own centre has come in the wake of infusion of fresh equity funds worth $ 30 million coming from Oak Investment Partners of the U.S.

Chairman and Chief Executive Officer of the company Dilip R. Vellodi told presspersons here today that Sutherland was also planning to increase the head count from 6,500 to 9,000 globally in the next 15 to 18 months. At present, the Indian operations have over 3,000 employees.

Mr. Vellodi said he would continue to hold majority stake in the company. The employees, too, held some stake, he said. Nearly 10 per cent of the equity was in the form of stock option scheme for employees, he said.

The company also officially underwent a name change today. Henceforth, it will be known as Sutherland Global Services Inc. Mr. Vellodi said the company had 13 delivery centres across the globe, which included eight in the U.S., one in Canada and four in India.

The CEO said Oak Investment Partners was a growth-oriented private equity firm with $4.2 billion in committed capital. It had so far funded over 350 companies.

Mr. Vellodi said the company's current revenue stood at $150 million.

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