MindTree COO to be based in US

MindTree Consulting, the Bangalore-based Rs 600 crore IT services firm, has decided to relocate its chief operating officer Subroto Bagchi back to the US, in an effort to expand the business flow from that geography.

US presently accounts for majority of the business for MindTree.

Bagchi, one of the co-founders of the firm along with Ashok Soota, was initially based in the US when the firm was started seven years ago.

He was later brought to India to build up the organisation in India and was given the mandate of driving the acquisition strategy besides developing various people functions.

MindTree, in the past, acquired three companies and during 2007 went public after the company crossed the $100-million topline mark within six years.

According to a statement from MindTree, Bagchi supervises the marketing strategies with a view to enhancing its geographic reach both within India and beyond.

"Owing to business requirements, Bagchi would now be based in the US. His salary has now been refixed and he would be drawing $220,000 per annum," the company noted. MindTree has also added that it is revising the pay package to its CMD Ashok Soota to close to Rs 49 lakh per annum.

In another development, the company recently raised a debt of Rs 70 crore to fund the acquisition of additional campus space in Bangalore. The debt has been raised from HSBC.

With the move, the company has a total debt of close to Rs 82 crore and is sitting on a cash of around Rs 220 crore. MindTree will be using this cash for its campus, which is coming up in Chennai.

MindTree is working to clock a topline of $180 million (around Rs 740 crore) for FY08 and at present employs around 4,500 professionals.