K Pandiarajan, who founded one of the country’s largest recruitment firms, Ma Foi Management Consultants, announced on Thursday that brand Ma Foi would move from HR consulting services, which the company was doing through Ma Foi Randstad. Also, Pandiarajan, along with his wife, is to start a new business with a focus on management consulting and education.
It was in 1992 that Pandiarajan started Ma Foi. Two years later, Netherland-based Vedior acquired majority stake in Ma Foi, when the company was valued at around Rs 70-80 crore. Later, in 2008, Randstad announced its global acquisition of Vedior. This resulted in the merger of Ma Foi with Dutch firm Randstad -- and the company was renamed as Ma Foi Randstad.
Post the acquisition, the promoters (Pandiarajan and his wife Latha Rajan) were holding around 17 per cent stake, which would be transiting out to Randstad. “Since globally Randstad is a single brand, they want to continue the same strategy in India as well,” according to a senior official from the company.
Padiarajan described the acquisition as cordial, adding that the friendly ties continue. The venture into management consultancy will “create new avenues” for him. “Ma Foi Randstad will become Randstad India,” he added. “The future plans of the company will be announced during the time we make the official announcement.”
Randstad India will become a subsidiary of the 1960-founded Randstad, which is headquartered in Diemen. By the end of 2010, the company had around 27,500 employees working from 4,200-odd branches and inhouse locations in 43 countries around the world. Randstad generated a revenue of €14.2 billion in 2010.
According to information available in Ma Foi’s website, the company has helped 322,000 individuals to find career across 36 countries, and has worked for over 250 Fortune 500 organisations. Ma Foi Randstad offers the broadest HR services portfolio ranging from search, selection, staffing, consulting, outsourcing, training and HR automation.
On Thursday, commenting about his future plan, Pandiarajan said he had formed a new company called Ma Foi Strategic Consultants Pvt Ltd. He would be its managing director, while Latha Rajan would be the director. The new company would invest around Rs 25 crore in the next three years.
“According to the agreement with Randstad, the new company will not have any operations related to recruitment-related jobs,” added Pandiarajan. “We can use the brand Ma Foi for the next years, after which we can buy out from Randstad.”