Mastek to set up Rs 300 cr centre in Chennai

CHENNAI: Mastek today announced its plan to establish a development center here.

Disclosing this to the media here, K Nagarajan, senior vice president of Mastek said that the development center would be set-up in Mahindra City on the outskirts of Chennai.

“We have acquired 17-acres of land in Mahindra City and will be establishing a development center there with an initial investment of Rs 300 crores in the next five years,” he said adding that it would initially employ 150 people.

The company would start its operations in the next two months.

“We will scale this (headcount) up to 4000 people in the next five years as we would be setting-up the facility in four phases, while each would accommodate 1000 seats,” Nagarajan informed.

Stating that the Chennai center would be the next engine of growth in chosen mainframe insurance capability area, he said that the company now had 30 clients in the insurance vertical, eight of which are in the Global top-20 league.

The $156 million company had development centers in Mumbai and Pune and 3,500 people on its rolls.

“The industry is seeking off the shelf solution,and all set to migrate,” he said. ``The insurance industry is pretty large and our focus will continue to be in this domain. We want to be one of the top three players in the next three to four years.''

The company currently generates 50 per cent of income from the insurance vertical, 35 per cent from e-governance and mutual fund and others contribute the balance 15 per cent.

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