CHENNAI: Ma Foi Management Consultants Ltd., a staffing and HR (human resources) service provider, has diversified into the information technology field by setting up a fully owned subsidiary. Christened Minvesta Infotech Ltd., the new outfit will have an initial equity capital of Rs. 1 crore.

K. Pandia Rajan, Managing Director and CEO of Ma Foi, said Asokan Pichai, the head of technology, would be the CEO of Minvesta. A 41-member technology team from Ma Foi had been transferred to the new company. This number would rise to 100 in a year, he added.

Mr. Pandia Rajan said Ma Foi had pioneered automation of several mission critical HR processes through the use of IT in areas such as time and attendance, workflow management and resource management. The Ma Foi's IT team had developed around 20 products for application in HR and staffing domain. "This we want to leverage by promoting an IT company,'' he added.

He said the floatation of a new company was primarily aimed at focussing on overseas markets and selling products outside the group. A stand-alone IT company would help attract quality people. Minvesta had already landed a large assignment from an Australian staffing company to develop pay bill application. To a question, he said Minvesta would focus on building HR related IT products for SMEs (small and medium enterprises).

Ma Foi posted net revenue of Rs. 62.55 crore (Rs. 41.54 crore) for the year ended December 2005. The profit before tax improved to Rs. 5.55 crore (Rs. 3 crore). Vedior, one of the world's largest recruitment companies, is the major shareholder in Ma Foi, Vedior came into Ma Foi over a year ago following dilution of stake by the original promoters. Mr. Pandia Rajan felt that Minvesta could be a BPO hub for Vedior even while serving other clients, both within and outside.

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