Date:20/08/2004 URL: http://www.thehindubusinessline.com/2004/08/20/stories/2004082001520700.htm

Back L&T Infotech IPO not in near future: Naik

Our Bureau

Chennai , Aug. 19

L&T Infotech is targeting revenues of Rs 1,500 crore to Rs 2,000 crore, and plans to employ 10,000 to 12,000 professionals in the next three to four years.

After achieving this, the company may consider an initial public officer (IPO), said Mr A.M.Naik, Chairman, L&T Infotech.

For the fiscal ended March 2004, L&T Infotech, reported revenues of Rs 380 crore, and would end the current fiscal with a 80 per cent growth to Rs 650 crore, he said.

Talking to reporters here on Thursday, Mr Naik said that out of about 60 clients, including Motorola and Chevron, just 15 were from the parent firm. A software centre is being set up at L&T's Manapakkam complex at a cost of Rs 20 crore. On plans to enter business process outsourcing services, Mr Naik said L&T Infotech would not enter low-end BPO such as call centre. It is currently doing technical BPO services, including proposals and sales, to a few clients of L&T. Revenue from BPO services would be about Rs 5 crore, he said.

L&T also inaugurated in the city an e-engineering centre, which would focus on the aerospace segment in India and in North America, Europe and Asia-Pacific.