4,000 to be recruited;
continues with $125-million forward cover
MUMBAI, DEC 23:
IT major MphasiS is planning to increase its workforce in India.
The company has chalked out plans to hire additional about 4,000
employees in the next one year.
MphasiS chairman and CEO Jaithirth Rao told FE, “We will add
approximately 3,000 or more people in our business process outsourcing
(BPO) business and 1,000 in the IT services business in the next
It may be recalled that earlier, Infosys had announced its plans
to hire employees for Indian operations. Infosys plans to hire approximately
8,000 to 10,000 people this year.
MphasiS has plans to open a new BPO facililty in Mangalore in Karnataka
in the current fiscal, which explains the rationale behind the recruitment
drive. MphasiS also plans a capital expenditure of $10 million over
the next one year. The company will continue to focus and consolidate
in verticals like BFSI, retail, logistics, technology and healthcare.
Infosys already has nine software centres centres spread across
India and at this point aims at consolidating and expanding in these
Globally, MphasiS continues to focus on US and UK markets, even
as its radar is set on Asia Pacific and Japan. Mr Rao pointed out
that it already has a development center in Shanghai in China, which
they will leverage in furthering business in the region.
Recently, MphasiS has partnered with Symbian for their certification
service for Symbian Signed program. MphasiS will operate its global
services based out of its subsidiary in China.
In light of the strengthening rupee, Mr Rao informed: “Since
October 2002, our dollar-hedging policy has been to cover net receivables
12 months forward. Currently, we have forward cover in excess of
$125 million over a 12-month period. We do not intend to change
our policy and believe that the rupee will continue to be strong.”
The US is the biggest market for IT services. It is the most open
market and accepts new ideas, technologies and concepts faster than
other markets. Nevertheless, even other IT majors have been expanding
into other markets as well.
Infosys has invested in Europe, Australia and Asia. Europe’s
share has increased to 22% of the company’s revenues and Asia
Pacific has kept pace with overall growth.