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| Planetasia is now GCI |
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| To raise headcount in India from 400 to 1,500 |
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| The acquisition of a majority stake by a mid-tier US IT Services company in a small Indian IT firm can prove to be a win-win for both sides, specially when the trend of IT Outsourcing is gaining momentum. |
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| Planetasia, formerly part of the Microland Group, whose majority stake was bought by Global Consultants (GCI), a mid-tier IT Services company in February 2005, has plans to treble its manpower strength within a year. Planetasia will also henceforth be known as GCI Solutions. Talking to ET, GCI Solutions CEO Jawahar Bekay said they were planning to add 1500 people by the end of 2006 to its existing number of 400. This would mean expansion of current facilities and adding new locations. Without giving details of the investments into these expansions, Mr. Bekay said some of the funds would come from internal accruals. |
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| GCI Solutions is also being helped by the parent company as most of its clients would be benefited by an offshore strategy. GCI is a privately held entity and has three development centres in US, one each in Europe and Bangalore. It has over 3000 people. Focusing on the mid-size companies, Mr. Bekay said they would target firms based in Europe and the US and outside the Fortune 500 list giving them the option of providing IT services either in their home turf or in India. |
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| By and large the mid-size companies are more apprehensive of adopting an offshore strategy. GCIO would continue to hold majority structure of around 60% with minority stakeholders like JP Morgan Partners, ICICI Venture, Microland and few other individuals |
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