Avineon, a diversified technology company that provides information technology, geospatial, engineering and programme management services, has set up a new facility at Kakinada in Andhra Pradesh as part of its plans to expand operations in India.
The US-based company is also planning set up another facility in Visakhapatnam this year besides constructing its own 100,000 square feet facility in Hyderabad at a cost of $5 million (Rs 20 crore).
According to Avineon managing director, Karlu Rambhatla, the company has just secured a multi-million dollar contract from a US-based telecom major for which it has to hire 300 people. The new employees would be located both at Kakinada and Hyderabad to execute the project over a period of 18 months.
He said Avineon had already started looking for additional space in Kakinada for this purpose. At present, the new facility in the coastal town would be able to accommodate around 100 employees. The company had so far invested about Rs 10 crore in the Kakinada centre.
The 16-year-old privately held and self-funded company currently has an employee strength of 1,000 worldwide. Over 700 of these employees are located in India and the company is planning to add 600 more to the existing headcount in the current year. Globally, the company is looking at expanding its operations to Australia, New Zealand and West Asia.
Rambhatla said the company was growing at a rate of about 40 per cent per annum for the past five years and was expecting to post a revenue of $45 million this year. It would consider coming out with an initial public offering when the market conditions are favourable for investments.