Chennai: Covansys (India) Limited, the wholly-owned subsidiary of Nasdaq-listed Covansys Inc. plans to ramp up its Indian staff strength to about 10,000 in the next three years. Covansys Inc has also lined up ambitious plans to notch revenues of $2 billion in four to five years. The road-map for the future was laid out for by Mr VV Sundaram, managing director and president, Covansys (India) at a press conference here on Thursday. Covansys was formerly known as Complete Business Solutions and the name was changed as a part of the brand building exercise.The investments for scaling up the Indian arm would be made by the Indian subsidiary. It has about Rs 65 crore in cash and is debt free, Mr Sundaram added.
On the proposed initial public offering by the Indian arm, he said that the company would wait for better stock market conditions.
It is constantly in talks with the merchant bankers for the same. Covansys (India) had a topline of Rs 140 crore for the year ended December 2000.
Covansys Inc is open to acquisitions and is looking for companies in the telecom space. During April, the company raised $200 million by placing 30 per cent of the company's equity with Clayton Dubliar and Rice, a private equity buyout firm based in New York.
The Nasdaq-listed software outfit posted a topline of $420 million and a bottomline of $8 million for the year ended December 2000.
The net profit was lower largely on account of the write-off of the fees due to the dotcom companies for the services rendered, said company officials.
Copyright © 2001 Indian Express Newspapers (Bombay) Ltd.
