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LG CNS launches subsidiary
By Our Special Correspondent
BANGALORE,
DEC. 21.
LG CNS, the $1.4 billion Korean IT service provider, announced here today the launch of a 100 per cent subsidiary in India, LG CNS Global, which will leverage the cost advantages of operating here. The initial investment will be $2 million.
The Chief Executive Officer, Paul Jeong, told reporters here on Tuesday that the Indian subsidiary would start with 130 staff with plans to increase it to 800 by 2009. He projected the revenues to touch $30 million in five years.
The President and CEO of LG CNS, B. C. Jung, said the Indian subsidiary would be an engineering centre of excellence that would offer specialised services for enterprise customers outside the LG Group's portfolio.
The subsidiary would initially focus on the U.S., European and Koran clients. Some of the IT service work for the LG Group, now done elsewhere would be shifted to India.
The subsidiary would try to leverage the high quality, highly skilled, cost effective and English speaking IT professionals in India, Mr. Jeong said.
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