HCL Perot plans IPO next year

BANGALORE: HCL Perot Systems, an equal joint venture of HCL Technologies and

Perot Systems of the United States, plans to float a local public issue next

year, a senior company official said.

"Our board has taken a decision to go in for a public issue and I expect

it will be in the next 12 months," Vineet Nayyar, chief executive officer

of HCL Perot, told reporters on Wednesday.

He said the company had still to work out the size of the offering.

HCL Perot is ranked 16th among India's top software exporters, with exports

of Rs 2.12 billion ($45 million) in 1999-2000 (April-March).

The four-year-old software services firm expects its revenues to rise to $75

million in 2000 compared to $50 million in 1999.

Nayyar was talking to reporters to announce the setting up of a Rs 400

million ($8.55 million) software development facility in the southern Indian

city of Bangalore.

Bangalore is home to dozens of global and Indian technology firms and is

regarded as the country's technology capital. It is, however, facing stiff

competition from other Indian cities.

HCL Perot currently has four offshore software development centers, with two

of them near New Delhi, the country's capital, and the others in Bangalore.

Nayyar said HCL Perot will expand its staff strength to 3,000 in one year

from about 2,000 currently.

The first phase of the company's new facility in Bangalore is expected to be

fully operational in one year.

HCL Perot focuses on providing information technology solutions to the

telecommunications, finance and banking, airlines and travel sectors.

(C) Reuters Limited 2000.