The Hindu : Andhra Pradesh News : MindTree to set up facility in city

Online edition of India's National Newspaper
Tuesday, Nov 30, 2004

Andhra Pradesh

Andhra Pradesh

MindTree to set up facility in city

By Our Special Correspondent

Ashok Soota, Chairman and Managing Director of MindTree Consulting (centre), at the launch of their Hyderabad Operations on Monday. At left is S. Janakiraman, president and CEO, and at right is Subroto Bagchi, Chief Operating Officer. Photo: P.V. Si vakumar

Hyderabad, Nov. 29. MindTree Consulting, an international IT and R&D services company, will set up its next development centre in Hyderabad. It already has one centre in Bangalore, but has ambitious growth plans for Hyderabad with investment of up to $100 million in the next five years. Of this, $25 million is on account of capital expenditure and the rest on salaries.

The announcement of the company's intention to set up a centre here was made jointly by the Chief Minister, Y. S. Rajasekhara Reddy, and Ashok Soota, Chairman and Managing Director of MindTree and a past Chairman of Confederation of Indian Industry (CII). The CII here has claimed credit for coordinating a meeting with the Chief Minister and getting MindTree to Hyderabad.

`Government pleased'

Dr. Rajasekhara Reddy said the Government was happy over the company's association with Andhra Pradesh. Mr. Soota said in five years, they would have 2,000 professionals, and a built-up space of 3 lakh square feet. They were looking at building facilities over 15-20 acres in phases.

Within a week they would be finalising a `plug and play' facility of 30,000 sq ft and it would become operational in 2-3 months.

They would have 250 people by March, which will go up to 500 by March 2006 and 1,000 by March 2007. The company has two businesses, R&D and IT services. The company was growing at 60 per cent, which is double the industry average.

Natural choice

Mr. Soota said they considered several cities for expansion, but Hyderabad was a natural choice because of its large and high-quality talent pool in technology and the initiatives of the State Government in creating a positive environment for software companies.

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