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Our Bureau

Hyderabad , Oct. 24

PRITHVI Information Solutions Ltd plans to induct about 1,500 people in India by September 2006.

This is aimed at bringing down dependence on onsite work, slash costs, and increase offshoring business through its centres in Hyderabad and Bangalore.

The company is foraying into knowledge process outsourcing (KPO) work as an extension of its datawarehousing and business analytics business.

Addressing a press conference here on Monday, the Prithvi chairperson, Ms V. Madhavi, said the company had grown to a $70-million business from $1 million in 2000-2001, despite the severe pressure in the industry. However, to sustain this momentum, the company plans to shift its business focus from onsite to offshore.

"The company now has about 900 employees, 750 in the US, and 150 at Hyderabad and Bangalore centres. The Indian numbers will go up rapidly. This would be fuelled by the company's expansion plan now under way. The will be completed by the first quarter of 2006," she said.

To part-fund the expansion, Prithvi is entering the capital market with its maiden public offer at a price band of Rs 250 to Rs 270 per share of Rs 10 per share. It expects to raise about Rs 125-135 crore from the offer slated to open on Tuesday.

The company has inducted Dr Raj Reddy of the Carnegie Mellon University on its board.

The 100 per cent book-built public issue is being lead managed by Anand Rathi Securities, Karvy Investor Services and SREI Capital Markets.

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