AXISCADES signs contract with Siemens Wind Power

To open development center for the new client at Hyderabad

The Bengaluru-based engineering and designing services company AXISCADES Engineering Technologies Limited today announced the signing of a long-term strategic contract with Siemens Wind Power, a global manufacturer of wind turbines.

As part of the contract AXISCADES will set up a dedicated overseas development center(ODC) at Hyderabad with 50 engineers to serve Siemens Wind Power.

"We have taken larger space for the ODC at Mindspace, Hightech city, as we plan to grow this number to 300-500 in the next 3-5 years. We expect to generate a cumulative revenue of $ 4-5 million from this contract in the next five years,"Sudhakar Gande, vice chairman of AXISCADES said.

A listed company specialised in engineering and designing services for heavy engineering, aerospace and automotive players, AXISCADES is currently serving 12 global clients including Caterpillar, Air Bus, Bombardier among others and reported a total revenue of $ 52 million in March, 2015. Currently it has two ODCs in India one at Chennai and the other at Bengaluru while Hyderabad facility would be its third facility in the country.

"We have abundant engineering talent and the company has a proven track record of providing cutting edge designing services at a much lesser cost. These are the twin reasons behind our growing global clientele," Gande said. The company plans to recruit people for the new ODC from a select local engineering colleges by introducing additional papers on aerospace and automotive designing in the fourth year, according to him.

AXISCADES had recently announced the acquisition of its subsidiary AXISCADES Aerospace & Technologies(ACATL), which specilises in electronics, system integration and the merger was in the process. The combined revenues of the merged entity as of March 2015 was $ 87 million and a total employee strength of 1,800 people. The company expects to reach a revenue size of $ 100 million and a total employee strength of 2000 people by the end of this year.

Responding to questions Gande said they are looking for more acquisitions both domestic and overseas, ideally 50-100 people size companies operating in niche areas.