Principal Financial starts unit in Pune

Principal Financial Group, a $2.2 billion financial company, inaugurated its 750-seater transaction facility here on Monday.

The facility is the first for the company outside the US and will provide services for IT application development, express processing for the retirement and investor services (RIS) business and IT quality assurance work among others.

"We have invested $6 million in this facility," said Barry Griswell, chairman and CEO of Principal Finance Group.

Speaking of his plans for Pune, Griswell said, "We currently have 230 employees here and are looking at 300 people by the end of the year and 600 by December 2007.