Mumbai, Nov 10: Even as the promoters of GESCO Corporation are busy tying up loose-ends to prevent predators from gaining management control, the company is in advanced talks with a UK-based company for an equity alliance for setting up business centres in India. While the name of the prospective joint venture partner is not known, GESCO is understood to have signed an MoU on the JV, which is expected to be sealed soon. GESCO, which had set up its first business centre in Delhi last year, plans to launch at least three to four such centres in major metros, in alliance with the new partner, which will bring in the global expertise.GESCO has already started promoting business centres as virtual offices and has spent a considerable amount of money to develop software packages, informs GESCO managing director Ghanashyam Sheth. "We will be mainly targeting the small entrepreneur through these business centres, which explore a new concept of `virtual' offices operating on a pay-and-use basis, into small towns at a later stage," explains Mr Sheth. The services offered by these business centres would be comprehensive, he added.
The company's foray into business centre management comes at a time when the company is strongly focusing on project management, a growing segment, as its forte.
On changes coming in with the new look GESCO in the alliance with Mahindra Realty & Developers, Mr Sheth did not reveal much, as the same is still being worked out.
Meanwhile, the company plans to establish a national presence in project management in the next three years, Mr Sheth said. After Mumbai, Pune and Delhi, the company is now entering Bangalore. Its immediate plans are to consolidate presence in the Bangalore market, he said.
Mr Sheth stressed that the company's 80-member strong human resource is the company's biggest asset and the endeavours is to build a conducive environment for people retention. "We invest in people. We have 1,000 man years of experience with a minimum attrition rate, since the company was formed in April this year," he claimed.
According to Mr Sheth, the alliance with the Mahindras - "which shares the same culture" - has helped the company in settling any issues related to employees' misconceptions with the management, in the middle of combating an acquisition bid.
The real estate of GESCO was valued at Rs 140 crore by its valuers some time back, with the share value working out to Rs 53 a share.
The company's focus will continue the same way even after the Mahindras join the board. "The name of Mahindras carry lot of goodwill and their own real estate experience would come handy," said Mr Sheth, who added that the company may consider the option of changing the company's name.
Copyright © 2000 Indian Express Newspapers (Bombay) Ltd.