Xenitis plans IPO after 2006-07

Xenitis Infotech Ltd, the owner of the PC brand Amar PC, has firmed up plans of setting up a monitor manufacturing unit in the state at an investment of Rs 100 crore.

The company expected sales to exceed Rs 1,000 crore by 2006-07, following which it would make an initial public offering (IPO) to offload a portion of the promoters' stake.

The company would be setting up its 25,000 sq ft unit at Chinsura in West Bengal with installed capacity of 65,000 monitors per month.

The company would also be manufacturing the glass tubes at its facility.

"The plot has been finalised and work would begins by September or October once the on-going expansion project was over. At present, we are in the process of setting up a DVD and home-theatre manufacturing unit at an investment of Rs 350 crore. This was likely to be completed by September 2005," said D N Nair, CEO of Xenitis.

The monitor manufacturing plant would be catering to original equipment manufacturers.

"A portion of production would also go into our own distribution network while we are also looking at the possibility of exporting," he added.

Xenitis has firmed up plans of opening offices and distribution centres in strategic locations globally, along with warehouses and marketing companies in west Asia and Africa.

"We are in the process of putting up a warehousing facility at Masawa in Africa which was the connecting point to a number of countries in the continent like Angola, Namibia. Xenitis is also planning a office in Dubai in the next six months, followed by Turkey, Moscow. In Australia we are also planning presence in Melbourne and Sydney," the CEO informed.

Xenitis would create 1,800 jobs once all the manufacturing units were in place. Its present manufacturing capacity was at 900,000 PCs per month.