• PAGE ONE
• INDEX
• HOME

Softsol India to tap market

Our Bureau

NEW DELHI, April 22

SOFTSOL India, a subsidiary of SoftSol Technologies Inc, is embarking upon a Rs. 46-crore expansion programme, which includes development of new e-commerce products and setting up of overseas development centres in the UK, Japan, Australia, Singapore and West Asia.

The company has plans of strengthening its existing infrastructure over a two acre land in Madhapur and 36,000 sq. ft. area in the software technology park in Hyderabad, according to Mr. Srini Madala, the non-resident Indian (NRI) Managing Director of th e company.

The 100 per cent export-oriented unit set up in Hyderabad in 1996 is coming up with a public issue of Rs. 34.13 crores to part finance the expansion programme. The balance of Rs. 12.80 crores would be raised from internal accruals, Mr. Madala said.

Softsol India has registered a net revenue of Rs. 65.81 millions during 1998-99, growing from Rs. 18.18 millions earned during 1996-97, its first year of operations, he said. The company aims to have an employee strength of 450 in the next two years and also plans to offer employee stock option (ESOP), Mr. Madala told newspersons.

The core strengths of the company are providing e-commerce, Web-enabled solutions, application software and network solutions. ``We want to get into product development in the e-commerce and Internet arena as part of our expansion programme,''he said.

SoftSol India provides both on-site and off-shore services. With the increased manpower, it hopes to foray into the

newer markets of Japan, West Asia, the UK and Singapore, Mr. Madala said.