HCL Tech to invest Rs 1,000cr in technology hub

New Delhi-based IT software development and services provider HCL Technologies is set to invest Rs 1,000 crore in its new technology hub, which was inaugurated today. The company expects the new facility to generate over $1 billion from software exports annually, and is targeting a 30% growth in revenues over the next five years.

The company is also setting up two units in Chennai and Bangalore, which will be inaugurated in the second half of the current financial year. The Chennai facility will be built on similar lines as the Nodia facility, and will be able to accomodate 15,000 people. The Bangalore facility will be about one-third the size. "The Bangalore facility will cater to our financial services, Chennai will be our hub for life sciences, while our Noida unit is to develop our core technologies," said HCL Tech CEO Vineet Nayar.

HCL also has plans to set up units in tier-II cities like Nagpur, Madurai and Lucknow. The latter two, which will cater to undisclosed new micro-verticals for the company, are expected to be inaugurated by the end of 2009. No time frame has been disclosed for the Lucknow unit, but it is expected to start beyond 2010. 

The company is also exploring the option of setting up global hubs. It is planning to establish one such hub in the US by next month. "We might even take over other firms' technology facilities. To begin with, the hubs would be able to accomodate around 1,000 people," said HCL Tech founder and chairman Shiv Nadar.