Chennai-based Ma Foi Management Consultants on Tuesday said it would open seven new overseas subsidiaries by June 2005 as part of its expansion plans.
"We have already done the ground work for the new offices and all of them will be operational between January to June 2005," the company managing director K Pandia Rajan said.
The new offices will entail a total investment of Rs 4 crore (Rs 40 million), he added. He said the new offices would come up in the Middle East cities of Muscat, Manama, Doha and in countries like the US, Mauritius, Thailand and Indonesia.
He said the company would be adding 1,000 staff per month from the beginning of next year as part of its contract staffing service to various clients.
Apart from its core staff strength of 424, the company also has about 10,000 people on contract basis to provide human resources support to its various clients that include companies like GE, NIIT, IOC and HP among others.
With regard to the projected growth, he said the company had been growing at 78 per cent annually for the past 12 years and would continue with the trend.
Ma Foi, which was established in 1992, had a turnover of Rs 84.56 crore (Rs 845.6 million) in 2003-04 with a net profit of Rs 50 crore (Rs 500 million).
The company has 36 offices in various parts of the country apart from five subsidiaries abroad in Dubai, London, Singapore, Colombo and Malaysia, he added.
Vedior NV, a 5.97 billion euro Dutch staffing company, had picked up 76 per cent stake in Ma Foi in May this year.
