The Hindu Business Line : DSL Soft to expand Chennai operations

CLOSE on the heels of becoming a wholly owned subsidiary of HCL Technologies, DSL Software is planning to expand its operations in Chennai by adding 300-400 professionals over the next 12-20 months.

"We currently have one centre in Chennai housing 200 professionals. We are undertaking a major expansion drive whereby we plan to add 300-400 people in Chennai over the next 12-20 months. Also, we are constantly on the look out for new locations," Mr V Ramakrishna, Corp. Vice-President - HCL Technologies and Chief Executive Officer - DSL Software Ltd, said here.

Besides Chennai, DSL Software also has centres in five locations in Bangalore. The company, which currently employs close to 2,800 professionals, sees its workforce growing to about 4,000 professionals during the 20-month timeframe.

It may be recalled that HCL Technologies had acquired 51 per cent stake in DSL in September 2001 for a sum of $25 million paid in cash, with a clearly defined sunset clause for an eventual purchase of the balance 49 per cent (held by Deutsche Bank) at the end of a three-year period, based on a valuation model, linked to profits earned by the joint venture.

In line with terms of this agreement, HCL Technologies announced the completion of all formalities for the acquisition of the balance 49 per cent stake in DSI Financial Solutions Pte Ltd., Singapore, held by Deutsche Bank. "Till now our exposure to non DB customers was about 9-10 per cent. But in the next 2-3 years, customers outside DB would account for 25-30 per cent of our business. Basic ingredients for this transformation such as specialisation in specific activities of investment banking, strength of engagement management team and the experience gained by working with DB, are already in place," he said.

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