Financial Daily from THE HINDU group of publications
Tuesday, Oct 21, 2003
Financial Daily from THE HINDU group of publications Tuesday, Oct 21, 2003 |
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Info-Tech
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Venture Capital CG Maersk Tech plans to raise $5 m Raja Simhan T.E.
Chennai , Oct. 20 THE Chennai-based CG Maersk Technologies Ltd plans to raise funding of about $5 million from a venture capital firm, a strategic or financial investor, for its expansion in the telecom sector. It also plans to increase its non-Maersk revenue from 20 per cent now to about 50 per cent in a couple of years, the company's President and CEO, Mr Ashoke Ghosh, told Business Line. The company would look at investors bringing value proposition to its business. The funding could happen in about six months, he said. Established in 1996, CG Maersk is a 50:50 joint venture between Maersk Data A/S of the A.P. Moller Group, Denmark, and Crompton Greaves Ltd of the Thapar Group. "One of the partners may divest its stake when the funding comes in," he said. CG Maersk reported a turnover of Rs 21 crore in 2002, and expects it to be the same this year. Before December, the company expects to get business worth $100,000 and add 50 people to take the total employee strength to about 300. The company adopts 80 per cent offshore, 20 per cent onsite model. According to Mr Ghosh, the company has orders worth $2.5 million in the telecom sector for CWiS and CiWA, both meant for 3G mobile communications. The CwiS is meant for mobile network operators while CiWA is for terminal equipment (handset) vendors. The product enables multimedia applications on 3G mobiles features including messaging, voice and video conferencing, voice messaging. The applications are based on 3GPP (3rd- Generation Partnership Project), which brings together a number of telecommunications standards bodies called "Organisational Partners," he said. For its telecom products, CG Maersk is targeting mainly the $4-billion European 3G mobile market, which is well standardised. The company also has plans to foray into the US market. On the logistics sector, Mr Ghosh said the company expected six orders before December for its various products including WIN*LINE, a shipping agent operations management system.
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