iGATE Patni bets on product engineering biz to rake in more revenue

Bullish on its product engineering services business, iGATE Patni executive vice-president and head of PES Satish Joshi said, “We expect almost 25% of our total revenues to come from the PES business in 2-3 years. Currently, about 15% of the revenues accrue from PES business”

Tiruchirapalli (TN): Bullish on its product engineering services (PES) business, integrated technology and operations firm iGATE Patni expects nearly 25% of its overall revenues to come from the segment in the next two to three years, reports PTI.

“We expect almost 25% of our total revenues to come from the PES business in 2-3 years. Currently, about 15% of the revenues accrue from PES business,” iGATE Patni executive vice-president and head of PES Satish Joshi said.

The PES business provides end-to-end product development and product life cycle management including research and evaluation, electronic and engineering design, system development, sustenance and maintenance and verification and validation targeted at automotive, industrial automation and control, consumer electronics, mobile, wireless and telecom and semiconductor industries.

The company was expanding its presence in the PES space, specifically looking to strengthen the customer base in EMEA (Europe, Middle East and Africa), APAC (Asia Pacific) and Japan.

Currently, EMEA and Japan markets constitute more than 30% of the total PES business, Mr Joshi, here recently, told PTI.

iGATE Patni closed the year ended 31 December 2011 with revenue run rate in excess of $1 billion.

On the future plans, Mr Joshi said “We are also looking to expand into new industry segments including media & entertainment, plant design, plant automation and mining.”

To a question on the Indian market, he said the domestic market was an important focus area for the PES business. “The company is looking to increase its focus on the Indian market, especially in the industrial automation, transportation, energy and medical & healthcare sectors”.

He also said the company planned to recruit 1,500 people for its PES division over the next two years. Currently, the PES team had a strength of over 3,200.

The PES business of iGATE Patni would be expanding in new markets and mining deeper into existing customers. “The company is looking at becoming most preferred strategic partner for entry into emerging geographies. iGATE Patni will also be investing in high-end tools, R&D infrastructure and training facilities,” he said.

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Retail inflation for February at 8.83%

The inflation rates for rural and urban areas were 8.36% and 9.45% in February. The all-India CPI is in addition to the three retail price indices—for agricultural labourers, rural labourers and industrial workers—prepared by the ministry of labour

New Delhi: Retail inflation was at 8.83% in February on account of higher prices of protein based items and edible oil products, reports PTI.

Retail inflation, based on the Consumer Price Index, was 7.65% the January, as per the government data release here today.

Among other items, only vegetable prices saw a decline of 4.73% over the February 2011 level.

During the month, the prices of eggs, meat and fish rose by 10.62%, while milk and its products turned costlier by 15.76%, year-on-year.

While ‘cereals and products’ reported a moderate rate of price rise at 2.40% in February, pulses and products saw a rise of 4.17%.

Inflation in the 'oil and fat' category shot up 12.76% and condiment spices became costly by 8.68%.

Price of fuel and light, and clothing, bedding and footwear segments were in double-digits.

The inflation rates for rural and urban areas were 8.36% and 9.45% in February.

According to the revised data, retail inflation in rural and urban areas was 7.28% and 8.25% in January.

The all-India CPI is in addition to the three retail price indices—for agricultural labourers, rural labourers and industrial workers—prepared by the ministry of labour.

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