"We are planning to invest around $4-5 million by June 2005 for launching operations in other places, brand building, infrastructure build-up and database acquisition," Ketan Sheth, chairman IT People said on Tuesday.
In the first phase of expansion, the company is planning to set up its new operations in Mumbai, Pune and Bangalore in the country, even as it is looking at setting up bases in Chennai and Hyderabad, he said adding, this is expected to be completed by June.
In the next phase of expansion, IT People would augment its presence in UK, Gulf and North African markets, he said.
A part of the proposed investment would also be used for acquiring state-of-the-art technology and database necessary for its operations, he said.
IT People is in talks with investors and financial institutions for raising the equity, even as it is in talks with various financial institutions for raising the debt, he added.
Meanwhile, the company launched a portal for IT professionals. The portal - IT-People.com - is a platform for both IT professionals and recruiters.
Rajiv Puri, a member of the governing body of the company said, "The services of the portal would be extended to other territories shortly."
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