i-flex to have own campus by 2003

CIOL Bureau
New Update

BANGALORE: i-flex solutions commenced the construction of its own campus, i-flex Park, in Bangalore. The facility is expected to be completed and ready for occupation by December 2003.


To be built with an investment of Rs 50 crore, i-flex Park, will be built in a two and half acre plot with a built up area of 1,44,000 sq. ft. The new building is expected to accommodate 1,500 people.

The company plans to consolidate its four development centers in Bangalore into this single park. However, "Not all centers will be closed, depending on the demand, we might continue to operate from one or two of the centers, that we presently operate from. We have about 1000 employees in Bangalore currently, the remaining 1000 employees are spread over centers in Mumbai and Chennai," said the company’s CEO-India operations, Deepak Ghaisas.

The new development campus will hold the Flexcube, i-flex’s flagship product, development teams as well as customer specific application development teams.

The company plans to divest 10 per cent of its 33 million shares to the public very soon. Currently Citigroup holds 48.5 per cent and StanChart holds 2 per cent, while the rest are held up its employees.

i-flex ended last fiscal with Rs 321 crore in revenue with Rs 110 as PAT (Profit after Tax).