The Hindu Business Line : iGate to expand in Chennai

The company has leased four floors of space from a major industrial house in the same locality. It has the option to take up four more floors in the same building, said Mr N. Ramachandran, member of the Board and the Chief Financial Officer, iGate.

With this infrastructure expansion, Chennai will become iGate's second largest facility in India. The company plans to have a large campus in Chennai in future, said Mr Ramachandran.

iGate is set to complete its 14-acre Bangalore campus. Earlier this year, it expanded its presence in Hyderabad by setting up a development centre.

The funding for infrastructure expansion in India will be through the company's internal accruals.

iGate plans to issue capital on a preferential basis to the promoters of Quintant Services, which iGate acquired last year. This will generate Rs 39 crore for iGate, Mr Ramachandran said.

Part of the US-based iGate Corporation, iGate Global has over 3,500 employees in 12 countries and development centres in Canada, China, India, Malaysia and the UK.

According to Mr Mohan Sekar, iGate's Chief Delivery Officer, IT Services, 41 per cent of its revenue comes from GE.

Business volume from GE for iGate will continue to grow. However, iGate would like to reduce the percentage and ensure that contributions from non-GE clients are also significant, he said.

iGate reported a net profit of Rs 4.9 crore on revenues of Rs 570 crore for the fiscal ending March 31, 2004.

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