CMC plans Rs 120-cr investment strategy

BANGALORE: CMC has drawn up a Rs. 120-crore investment plan focussing on its core competencies with a thrust on global IT scenario.

CMC Chairman and Managing Director S.S. Ghosh said at the 23rd annual general meeting (AGM) that CMC's corporate strategy for the financial year 1999-2000 is based on the best techniques for the ``management of change'' to meet all future challenges thrown up by the IT environment of the new millennium. ``CMC's encouraging results coupled with the Government clearance for enhancement of equity base has substantially boosted our strategic plans for the future. Our planned investment of Rs. 120 crores will enable us to provide competitive professional tools, technology and the best possible infrastructure for our staff,'' Mr Ghosh said.

Mr Ghosh said the international strategic business unit (SBU) registered a growth of 32 per cent with revenue of Rs 70.69 crore in 1998-99. Through major international projects such as the Marine Cargo Handling System for KPCT Malaysia, Fingerprint Automation System for the Mauritius Police, Online Screen-Based Trading System for Chittagong Stock Exchange, CMC managed to earn foreign exchange of about Rs 31.18 crores, an increase of about 37 per cent.