BANGALORE, January 30: The US-based Sage Inc plans to invest around $10 million over a period of three years in its local subsidiary -- Sage Design Systems India. According to Chandra Shekar Reddy, president, the Indian arm of the US firm is currently in negotiations with Technology Development & Investment Corporation of India (TDICI) to raise funds for the proposed expansion.The company is also negotiating with Draper International, a leading venture capital company, to mobilise funds. Depending upon the negotiations being held the promoters may dilute their stake, he said.
The company also plans to set up a customer application centre in Bangalore, where Sage Inc's fully-owned subsidiary is located. The Indian design centre, which houses around 20 design engineers, will accommodate its proposed research and development as well, managing director, Sage Design Systems India Pvt Ltd, Aditya Srinivasan said.
"The company will be recruiting about 200 engineers to meet the increased demand and to put upthe R&D centre in Bangalore. The engineers in India will have stock options as well, once the company lists in one of the US stock exchanges," said Reddy.
Sage is a leading supplier of flat panel interface electronics (IC, systems and firmware) to provide plug N play connectivity between flat panel displays and desktop PCs. In India it is engaged in board and firmware design. The firm's focus is on standard PC unit and it will be extended to digital input ads, videos, HDTV, and SATTV, according to Srinivasan. In a bid to tap the flat panel monitor market worldwide, the company is setting up distribution channels in Taiwan, Korea, Singapore, and Japan. The customers for the company include liquid crystal display (LCD) monitor OEM suppliers, medical, financial and entertainment companies.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
