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HCL Perot hopes for Rs 600-cr turnover -- IPO in early 2002

Our Bureau

NEW DELHI, Dec. 14

HCL Perot Systems (HPS), a 50:50 joint venture between Perot Systems Corporation and HCL Technologies, has said its turnover will touch Rs 600 crore by the end of next year.

Company officials said here at a press conference on Thursday that HPS would positively go for a public issue by that time or in early 2002 by issuing fresh shares. The company will reach a turnover of Rs 360 crore by the end of 2000 with profits in the region of Rs 50 crore, they said.

According to Mr Shiv Nadar, Chairman of HPS, the company would also make investments worth Rs 230 crore in the next couple of years to augment capacity.

It is currently setting up new facilities in Bangalore and Noida and more centres are planned in Chandigarh and Hyderabad, Mr Nadar said.

According to Mr Vineet Nayyar, CEO of HPS, the company is also looking at acquisitions, mainly abroad. In April this year, it acquired a Silicon Valley-based company called Kay Software, which had a revenue of about $16 million and 110 people.

Founded in March 1996, HPS is engaged in developing software solutions in the areas of finance, telecommunications and travel. It is the youngest company in the world to achieve the CMM Level 5 certification.

As much as 45 per cent of its revenues comes from North America while Europe accounts for 50 per cent. The Far East and India generates the balance of five per cent.

Mr Ross Perot Jr., President and CEO of Perot Systems, said HPS would chart its future in the coming years without help from its parent companies and would grow to the size of a global company.

Picture: Mr Ross Parot Jr., President and CEO, Parot Systems, with Mr Shiv Nadar, President and CEO, HCL Technologies, during a press conference in the Capital on Thursday.

Picture by Ramesh Sharma