Mahindra Satyam secured big contracts
Mumbai: IT firm Mahindra Satyam announced that it has secured contracts worth $79 million in the second quarter in the Middle East and North Africa (MENA) region, and is looking at doubling its business there in the next two years. The company has secured sizeable contracts in the MENA region totalling to AED (Arab Emirates Dirham) 30 million in the second quarter of FY'10, reports PTI. It is looking at doubling its business in the region in the next 18-24 months, the company said in a filing to the Bombay Stock Exchange.
"The Middle East continues to be a key component of Mahindra Satyam's growth and part of our growth plans for the region, we are looking into strengthening our operations in the region given the significant contribution of this market to our revenues," said Manojeet Chowdhury, Head of MENA Region, Mahindra Satyam.
Currently UAE accounts for 38 percent of the company's Middle East revenue, while Kuwait gives 18 percent, Qatar and Bahrain contribute 13 percent each, the filing said. The new contracts follow the recent launch of Mahindra Satyam's new corporate identity. "We are targeting growth of around 100 per cent in the first year and we are confident of the prospects that lie ahead for us in the region," said Chowdhury.
Further, the company has also signed important clients from Morocco, Jordan and Oman.
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