Prithvi to set up subsidiary in Singapore

Hyderabad-based IT solutions firm, Prithvi Information Solutions (PISL), will set up a wholly-owned subsidiary in Singapore and open offices in Dubai and Qatar in a month's time.

According to an official release by the company today, it is also acquiring a controlling stake of about 53% in Kolkata-based start-up firm Walking Stick.com at a cost of Rs 6 crore. Walking Stick is expected to achieve a turnover of $3 million in the current financial year. 

Satish Kumar, managing director of PISL, today said the company is planning to issue foreign currency convertible bonds (FCCBs) to the tune of $70 million for acquisitions that would give impetus to inorganic growth for the next 3 to 4 years. The FCCB issue would be finalised by next month.

A Rs 90-crore offshore development centre (ODC) in Hyderabad is also in the offing. The 2-lakh square feet ODC, to be completed by next year, will house over 1,500 professionals. The ODC would also have a global innovation centre for knowledge process outsourcing, Kumar said.