India Infoline
Oct 13, 2005
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Ma Foi said on Wednesday that, it has launched its wholly owned subsidiary in Iselin, New Jersey, Ma Foi Consultants USA Inc., on October 3.
Headed by CEO Sunil Gandhi, Ma Foi Consultants USA Inc. will initially focus on Executive Search, Permanent Staffing across two sectors, Information Technology (IT) and Banking, Financial Services & Insurance (BFSI). Ma Foi's current clientele include the over 124 Fortune 500 companies and these two sectors presently contribute a major percentage of the company's revenue globally.
The Company has closed the YTD (January-September 2005), recording a topline of Rs1.44bn as against Rs583.2mn for the same period last year, reflecting a growth of 69.3%. Net revenue was at Rs428mn as against Rs284.9mn for the corresponding period.
Pandia Rajan, MD, Ma Foi Management Consultants Ltd. said, "We have been one of the first movers in the RPO segment and having realized the potential it offers in the wake of offshoring, it is a logical move to be present in the US markets."
Both the BFSI and Oil & Gas practices, which were launched earlier this year, progressed with new signups in both verticals. Ma Foi Lanka signed up with one of the leading MNC banks in Colombo for the outsourcing of their "Cards Marketing, Loans Marketing, Auto Loans Marketing & Mortgage Loans Marketing" functions. This is the first MNC bank to go with an agency and the trend is expected to move up in the future.
Speaking about Ma Foi's success in international locations, K. Pandia Rajan said, "Ma Foi today has presence in 8 countries and is planning to enter 4 more locations - Bahrain, Qatar, Kuwait and Australia, in 2006. This international corridor of Ma Foi has not only helped us focus on increasing cross-border migration of talent and inter-country assignments, but has also enabled us to give our employees the opportunity of exposure to the international market."
Ma Foi said that, it will soon launch its business partner operations in Agra, Aurangabad and Rajkot bringing up the total count to 48 offices across the country (12 core centres and 36 business partners).
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