Financial Soft to invest Rs 55cr in new facility

Financial Software & Systems (P) Ltd. (FSS), provider of electronic payment system solutions and services, expects to invest Rs 55 crore in its new facility spanning over 10 acres at Siruseri.

In the first phase of expansion at Siruseri Techno Park, the company would set up a 1-lakh-sq-ft facility which would house 1,000 personnel. It would be gradually expanded to a facility of 3 lakh sq feet in the subsequent phases.

The total investment for the expansion of the facilities, which would be done over a period of 24 to 30 months, is estimated to be around Rs 55 crore.

At present, FSS has facilities at the Tidel IT Park in Chennai and in Mumbai, with a combined capacity to house 750 personnel.

Nagaraj Mylandla, managing director, FSS, said, "The FSS Techno Park, located in the IT corridor, will be a strategic independent campus housing the company's new business initiatives. From being a domestic payment entity, FSS has evolved to become a provider of payment solutions with over 50 customers across the globe, seeking varied payment solutions and services."

The new campus would be designed keeping in mind the deployment of large teams of software professionals and equipping them with the necessary expertise. The company would also invest in new technologies, IT infrastructure and a 24/7 payment hub, he added.