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Our Bureau

Chennai , July 11

MindTree Consulting, the Bangalore-based IT company, is setting up a 300-people development centre in Chennai. The centre, to begin operations next month, would have 150 people initially and would reach the final tally before this fiscal end.

The company also plans to expand this to a 5,000-seater campus. MindTree has mandated real estate solutions providers Cushman & Wakefield to acquire "half a million sq ft in a Special Economic Zone for the project," Mr Subroto Bagchi, Chief Operating Officer, MindTree, said.

He said that the company would consider an initial public offering of its shares before the current fiscal is over. Earlier, the company had said that it would hold discussions to consider an IPO in September.

Mr Bagchi said the company would fund its immediate expansion through internal accruals.

Revenues at $103 m

The company reported revenues of $103 million for the year ended March 2006. About two-thirds of the revenue came from the IT business and the rest from R&D, said Mr Krishnakumar Natarajan, President and CEO, IT services. MindTree expects revenues of around $150 million this fiscal. A total of 1,400 more people will be added to the current base of 3,500 people this year.

Emphasising that the Chennai centre will not be a mere extension of the Bangalore operations, Mr Bagchi said both the company's businesses, Information Technology and Research & Development (R&D), will be carried out at Chennai.

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