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Our Bureau

Chennai, July 18

Silicon Valley entrepreneur Mr Raju Vegesna, Chairman of Sify Ltd, will also be its Managing Director and Chief Executive Officer. This follows the decision of Mr R. Ramaraj to resign as Sify's Managing Director and CEO and pursue other interests, according to a company press release. Mr Vegesna's Infinity Capital Ventures became the largest shareholder in Sify when it acquired a 31.61 per cent stake from Satyam Computer Services in November 2005. After that Mr Vegesna was appointed chairman of Sify.

According to the press release, Mr Ramaraj is in discussions with Sify and Mr Vegesna to ensure a smooth transition and has agreed to work as a consultant. Mr Ramaraj, who co-founded Sify (then Satyam Infoway) along with Satyam Computer Services, is expected to be associated with leading venture capital firms. For the first quarter ended June 30, 2006 the NASDAQ-listed Sify has posted a profit of Rs 6.23 crore ($1.36 million) on sales of Rs 131.83 crore ($ 28.74 million) compared to a loss of Rs 9.81 crore ($2.14 million) on sales of Rs 102.10 crore ($22.26 million) for the same period last year.

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