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Our Bureau

Chennai , Sept. 15

Mastek Ltd, a Mumbai-based software solutions company, will invest Rs 300 crore over the next five years in developing Chennai operations, according to Mr K. Nagarajan, Head of Operations - Chennai, Mastek.

The company had announced plans last year (March 2005) to set up a development centre in Mahindra City, the industrial park promoted by Mahindra Industrial Park Ltd, where it had purchased about 15.5 acres of land.

Mr Nagarajan said that the facility would eventually accommodate about 5,000 employees. Asked for reasons behind choosing Chennai as a destination, he said that Mastek is looking for employees with mainframe skills and exposure to the insurance sector — Chennai is strong in both. This would help the company strengthen its focus on the insurance sector, which currently contributes about 50 per cent of the revenue.

Asked whether discretionary spending has decreased in the US, he said that while it might have decreased in some areas such as semi-conductors, it is on the rise in other verticals like airline, healthcare and retail. Further, he added that several customers are consciously increasing their IT spend in India.

More Stories on : Outlook | Software | Tamil Nadu

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