Indian IT firm sees rebound in revenue
By Zhu Shenshen |
March 30, 2010, Tuesday
|
Print Edition
Print Edition
INDIA-BASED Mahindra Satyam, whose business was hit by a financial scandal in January last year, sees a rebound in its Chinese revenue this year and plans to triple staff number in China to 2,000 within "12 to 18 months," Chief Executive C.P. Gurnani told Shanghai Daily in an exclusive interview recently.
Mahindra Satyam forecast its Chinese revenue to rebound this year, especially in the manufacturing, pharmaceutical, high-tech, automobile and electronic industries, according to India's fourth-biggest information technology service firm.
The company's Chinese revenue shrank by up to 40 percent in 2009 but is expected to recover to 2008 levels this year, Raghavendra Tripathi, Mahindra Satyam's North Asia head, said during a previous interview. More than 80 percent of Mahindra Satyam China's income comes from big clients.
"We are gaining clients, both multinationals and Chinese firms with overseas operations," said Gurnani. "China is one of the fastest growing markets in the world."
Gurnani, however, declined to reveal expectations of China's market growth this year.
The new employees will work in its offices in Shanghai, Nanjing, Chengdu and Shenzhen. The firm has about 600 employees now.
In January 2009, Satyam Computer founder Ramalinga Raju confessed to a US$1 billion fraud that inflated the company's profits over several years. In April, Indian telecommunications firm Tech Mahindra bought a controlling stake in the firm and re-named the company as Mahindra Satyam.
Mahindra Satyam forecast its Chinese revenue to rebound this year, especially in the manufacturing, pharmaceutical, high-tech, automobile and electronic industries, according to India's fourth-biggest information technology service firm.
The company's Chinese revenue shrank by up to 40 percent in 2009 but is expected to recover to 2008 levels this year, Raghavendra Tripathi, Mahindra Satyam's North Asia head, said during a previous interview. More than 80 percent of Mahindra Satyam China's income comes from big clients.
"We are gaining clients, both multinationals and Chinese firms with overseas operations," said Gurnani. "China is one of the fastest growing markets in the world."
Gurnani, however, declined to reveal expectations of China's market growth this year.
The new employees will work in its offices in Shanghai, Nanjing, Chengdu and Shenzhen. The firm has about 600 employees now.
In January 2009, Satyam Computer founder Ramalinga Raju confessed to a US$1 billion fraud that inflated the company's profits over several years. In April, Indian telecommunications firm Tech Mahindra bought a controlling stake in the firm and re-named the company as Mahindra Satyam.
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