Mr Koppar said the company would float a public issue during Q1 of fiscal 2001-02 to mop up between Rs 50 and Rs 60 crore. ``To part-fund the second round of expansion we will require around Rs 40 crore,'' he said.

Mr Koppar told The Financial Express that of the Rs 30 crore, the company had already invested Rs 15 crore in its third development centre in Bangalore which was expected to be operational by February next year. The new centre would house 650 personnel. The company already has over 500 people working in its two other facilities.

On the proposed means of funding, Mr Koppar said internal accruals and the Rs 15 crore venture capital investment the company received over a year ago from Citibank and IVC, would form the major chunk.

During the first half of fiscal 2000-01, Kshema posted a turnover of Rs 25 crore and by end-fiscal it was targeting around Rs 70 crore, he said. ``We currently have orders worth $10 million in hand and we are very confident to meet the business target,'' he said.

During the period, the company executed projects worth $5.5 million with e-commerce contributing 29 per cent of the total revenue of the company, health care projects another 30 per cent, while convergence, communications, telecom, broadband access and computer telephony integration pitched in with 26 per cent with the rest coming from its other projects.

Mr Koppar said offices in Europe and Canada were on the drawing board and would be operational during Q3 and Q4 of the fiscal respectively. "In case of Europe, we have permission for England and Finand and we will soon decide between these places,'' he said. Kshema had four offices in the US while it was in the process of exploring Japanese markets, he said.