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KLG Sytel to set up US subsidiary

Another Indian company plans to open a fully owned subsidiary in the US -- KLG Systel.

The initial investment will be a tiny $ 15,000 since it calls for approval from the Reserve Bank of India. But the subsidiary is essentially a part of the company's plans to expand its export business and to help it earn up to 50 per cent of its gross income from exports in 1999.

Within India, the New Delhi-based KLG Sytel, which provides software

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solutions to the power and infrastructure sectors, plans to provide its employees with a stock option too. For this it has earmarked up to five per cent of its paid up capital of Rs 32.3 million, as stipulated within the Securities and Exchange Board of India guidelines. The company will issue 150,000 shares at Rs 17 each to the employees under the scheme. This is much cheaper than the current market price -- Rs 46.

The company has also posted a net profit of Rs 10.2 million on a gross income of Rs 81.1 million. This is up from last year's profit of Rs 736,600 on a gross income of Rs 64.2 million.

-Compiled from the Indian media

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