• PAGE ONE
• INDEX
• HOME

Formulasys plans Rs 50-cr expansion

Our Bureau

PUNE, Jan. 4

FORMULASYS India, the wholly-owned subsidiary of US-based Formulasys, plans to expand its Pune operations with an investment of Rs 50 crore.

The investment would be spread over a couple of years, Mr Rajeev Karajgikar, President and Chief Executive Officer, Formulasys, said.

He said that the company was also planning to launch an initial public offer (IPO) slated for early part of this year.

The proceeds of the IPO would be fully utilised for the Pune operations, he added.

Founded by Mr Rajeev Karajgikar in 1994, Formulasys Group is a California-based $20-million company which consists of three wings -- Formulasys US, Boomconsultants, both based in the Silicon Valley, and Formulasys India.

The company provides wireless business strategy and technology implementation. Formulasys US is estimating a turnover of $55 million by the end of 2001.

The CEO said that sales from Indian operations were estimated to touch Rs 17 crore by the end of 2001.

Formulasys, which offers consultancy services, would also rope in the services of Boomconsultants.com, its 100 per cent subsidiary.

The consultancy services would be offered to Indian corporates to define the wireless strategy, while Formulasys would look into the implementation of the wireless solutions.

Mr Karajgikar said that to achieve better results, Formulasys was promoting dual shore programme. This programme consists of two sets of programmers of which one set would be at the client side and the other at the Pune development centre.