Take Solutions to IT Park
Take Solutions Ltd, the Chennai-based technology company, will invest Rs 30 crore in a new facility in the special economic zone at Shriram Gateway, being developed by Shriram Properties at Perungalathur near here.
The one-lakh sq ft facility will have a capacity to accommodate around 1,000 people and likely to be ready by June next year. It will be Take’s global delivery centre and also undertake research and development, H.R. Srinivasan, Vice-Chairman and Vision Holder, Take Solutions, told Business Line.
At present, out of the 800-plus employees that Take has globally, 350 are in Chennai, he said.
The investment will be funded from internal accruals. “As on June end, we had $31 million in our balance sheet,” he said.
Take, which has domain expertise in life science and supply chain management sectors, also plans to foray into tier-II cities of Tiruchi and Tirunelveli, where Electronics Corporation of Tamil Nadu is putting up IT SEZs. It will soon seek the board’s approval soon on this, he said.
Expansion in europe
Take plans to expand its European operations to increase revenue from this region to around 20 per cent in the next three years from the present 4 per cent. It is also open to acquisition for quick ramp up in Europe. The company has 14 clients in Europe and they are all serviced by Take’s US operations, he said. Take has a subsidiary in Switzerland.
It now plans to have a full-fledged office there. It also plans another in Belgium or the Netherlands to target clients in the life science and supply chain management sectors.
If the investment is only for administrative purposes, it will be around $3 million. “We have not earmarked any number for acquisition in Europe. Our M&A [merger and acquisition] team is working on targets,” Srinivasan said.
On FourSoft merger, Srinivsan said “yes, there has been a delay. We should have closed four weeks ago. There are still issues on the swap ratio that are being discussed.”
“The negotiations are going on in earnest and we should have a decision within the next few weeks. The addition of FourSoft into the Take fold will further expand the company’s European and Asian footprint from adding two new centres in India,” he said at the company’s annual general meeting.
FourSoft gets 65 per cent of its revenues from Europe, he said.
On the Bombay Stock Exchange, its share price closed at Rs 595 on Friday, an increase of 1.25 per cent.
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