The Hindu Business Line : Kanbay to invest $50 m more in Hyderabad

EXPANDING FAST: The Andhra Pradesh Chief Minister, Dr. Y.S Rajasekhara Reddy, and the CEO, Kanbay, Mr Raymond Spencer, at the new software development campus in Hyderabad on Wednesday. - Satish. H .

Hyderabad , Oct. 18

Kanbay International Inc, a technology solutions provider for the financial services industry, would invest up to $50 million in expanding its Hyderabad operations.

The company today commissioned its second campus in Hyderabad spread over 15-acre site. It has proposed to add about 3,000 more people in the near term. The company currently employs about 1,900 people in two centres in Hyderabad.

Within the next 12 to 14 months, Kanbay expects its Hyderabad headcount to grow to about 5,500 people.

In one year, the company added about 1,000 people in Hyderabad alone, complementing expansion in Pune and Chennai.

The President and Chief Executive Officer of Kanbay, Mr Raymond Spencer, said: "Kanbay's business is strong and growing. Kanbay's centres in Pune, Hyderabad and Chennai have made significant contributions to the company's overall business growth. The company aims to be a $1 billion company by 2010."

The campus, when completed, will have a capacity to host about 4,500 associates. There are active plans to evaluate additional facilities in Andhra Pradesh as also in the country.

The company, which has taken up about 30 acres site in Mahindra Park near Chennai, plans to expand operations there soon.

The Chief Minister, Dr Y.S. Rajasekhara Reddy, who inaugurated the centre, said that Andhra Pradesh would have about 15 IT Special Economic Zones, which would be the highest for any State in the country.

The State would develop necessary infrastructure to support this growth.

While assuring the IT companies of Government support, Dr Reddy said the 160-km ORR (outer ring road) project along with necessary infrastructure and satellite townships dotting this high growth corridor will ease the traffic significantly.