Bangalore boy plans to sell stake in co to London-based FI

Bangalore boy plans to sell stake in co to London-based FI
PTI
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First Published: Tue, Sep 11 2007. 01 47 PM IST
Updated: Tue, Sep 11 2007. 01 47 PM IST
Bangalore, 11September Suhas Gopinath, who shot into limelight seven years ago by becoming a CEO at the age of 14, is holding talks with a London-based financial institution to sell 20-25% stake in his IT company Globals to fuel its expansion plans, particularly in Europe.
“If we agree with the offer price, this deal could happen as early as this month-end,” Gopinath, now 21, told PTI.
He said his company has agreed to take it public in the coming years for enabling this financial institution to exit from the firm.
Gopinath said the institution has invested between $5 million and $200 million in firms operating in areas such as healthcare and mobile telephony, and has for the first time shown interest in investing in a company floated by an Indian entrepreneur.
“Most of the funds will be utilised to open marketing offices and on-site centres in Europe, which largely remain untapped by Indian IT companies,” he said.
“We are moving from service-based company into a product-based one and so would be needing funds”.
Globals Inc, which is into Enterprise Resource Planning (ERP), web-based solutions and related areas, currently has a headcount of 400.
Gopinath said the company has opened an office in Cologne in Germany, where it has appointed locals. In Germany, the company is executing a web application project for Mercedes Benz.
”We have plans to venture into finance, research and hedge fund outsourcing shortly”, Gopinath said.
“We will open a separate subsidiary for knowledge process outsourcing by November-December”.
Gopinath said the company is totally focusing on the European market, where it has been approached by many to develop specialised social networking websites for professionals such as doctors and lawyers.
According to him, his company has taken a minority stake in Shanghai-based Supply Management Institute, for which it’s providing ERP and supply chain management solutions suited for small and medium business enterprises.
His plans to buy out a Chinese firm came a cropper as there were “hassles” on acquisition due to Federal laws.
Gopinath founded the company in the US as Indian laws did not allow him to do so at that age. He floated the private limited company here in 2005. “We have plans to venture into finance, research and hedge fund outsourcing shortly”, Gopinath said.
“We will open a separate subsidiary for knowledge process outsourcing by November-December”.
Gopinath said the company is totally focusing on the European market, where it has been approached by many to develop specialised social networking websites for professionals such as doctors and lawyers.
Globals Inc has taken a minority stake in Shanghai-based Supply Management Institute, for which it’s providing ERP and supply chain management solutions suited for small and medium business enterprises, he said.
His plans to buy out a Chinese firm came a cropper as there were “hassles” on acquisition due to Federal laws.
Gopinath founded the company in the US as Indian laws did not allow him to do so at that age. He floated the private limited company here in 2005.
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First Published: Tue, Sep 11 2007. 01 47 PM IST