Mindlance to invest $100 Million in India in next 2 years

Mindlance Sunday reported that it would be investing about $100 million in India in the coming two years. According to a senior management official from the company, the Bangalore based giant Information Technology (IT) Company is keen on putting an additional large amount on Indian investments, to be undertaken in the next two to three years, in addition to its acquisitions in the infrastructure and management sectors.

 

Kamal Sharma, Mindlance CIO and Business Unit Head for IT infrastructure said the company is planning the $100 million in the coming two to three years in a move aimed at increasing its infrastructure, the establishment of new additional offices and delivery centers across India and increasing its headcount.

 

The New Jersey headquartered IT infrastructure Services Company, Mindlance, first ventured into India in the year 2003 and has grown, currently owning five sales and delivery centers in the country with three of these based in Bangalore and the other two based in Mumbai and New Delhi respectively. Sharma reiterated that Mindlance was keen on furthering its presence in India by establishing additional three centers in Pune, Hyderabad and Ahmedabad respectively in the coming three months.

 

Furthermore, he disclosed that Mindlance plans to raise its headcount by an additional 450 in the coming four months as well, in line with its expansion strategy, from its existing headcount of 485. According to Sharma, Mindlance will finance its expansion across India expansion strategy via internal accruals, reiterating that the company was “cash-rich” as he put it.  However, the company is also considering a possible inorganic plan to fuel its growth and as such, acquisitions in the infrastructure management sector could not be ruled out of its possible expansion strategy.

 

Sharma said Mindlance was currently considering deals ranging from $10 million to $40 million, noting that whereas acquisitions investments are high on its list, it may be sometime before the company actually makes one. The company is currently keen on consolidating itself in the Indian market, he said. Mindlance’s key areas of business include IT management, consulting, on-storage data and management and IT security.

 

Previously, the company had a bias for its international customers but that has changed considerably in the past year, with the company shifting its focus to the local Indian market considerably. Mindlance has 100 global customers, out of which 95% are amongst the Fortune 500 blue-chip companies. According to the company, it has managed to attain about 20 clients in India over the past five months and it’s currently targeting 50 customers by end of 2010.

 

18 July 2010.