Accentia to increase headcount to 5,500 by end of FY09

MUMBAI: Outsourcing player Accentia Technologies is planning to increase its headcount to 5,500 by the end of the current fiscal to meet its business requirements.

We are enlarging our manpower base to meet the increasing order book pipe-line, besides catering to the existing customers, CEO and Director Accentia Technologies Pradeep Viswambharam said.

In line with its plans, the company has acquired 51 per cent stake in US-based Oak Technologies Inc (OTI) in an all cash deal. However, the financial details of the transaction were not disclosed by the company.

Oak Technologies has five units operational in the US and India, Accentia said in a stock market filing.

"Through the acquisition, Accentia has put in place the internal accruals in a synergistic operational investment," Viswambharam said. The acquisition has added 700 personnels to its workforce.

Accentia plans to build on its acquired OTI base through aggressive HR development over the next two years.

"OTI has its presence in Hyderabad, Nagpur and Bhubaneswar. Accentia plans to add about 2,000 personnel in these locations," Viswambharam added.

Shares of Accentia closed at Rs 140.05, down 2.23 per cent on the BSE.