Progeon Plans Eastern Europe Offshore Unit

Mumbai: | Updated: May 19 2003, 05:30am hrs
Infosys BPO subsidiary, Progeon, plans to set up its offshore centre in Eastern Europe.

Progeon managing director and chief executive officer Akshaya Bhargava said, the primary purpose behind the overseas centre is business continuity and disaster recovery.

Besides the overseas centre, Progeon is setting up its second centre in Pune. It would be operational in the next four months.

Mr Bhargava added, that the current employee strength stands at 640 which the company plans to increase to 1500 in the next six months.

Mr Bhargava explained that the investment required for the expansion plans will be sourced through the second tranche investment by Infosys and Citicorp, and partly from existing funds.

He said that the second tranche is part of the original capital which is $25 million, 50 per cent of which was invested in June 2002. The other 50 per cent, which is the $12.5 million is expected to be made in June 2003.

On the acquisition front, Mr Bhargava said that acquisition is definitely a part of the strategy. he says the size of the company does not matter, but it should complement Progeon and provide a good customer base and good management.