MindTree forays into mobile products biz

The new business called ‘N!Mo’(Next in Mobilty) will deliver ready to brand mobile phones to telecom service providers and orginal equipment manufacturers (OEMs).
MindTree will use the wireless and 4G technologies from Kyocera Wireless India (KWI) which it acquired recently.

“The N!Mo will become MindTree’s seventh growth engine and will play an important role in achieving the stated vision of US$1 billion revenue by 2014. We believe that this new business will provide 10 per cent to our overall revenue and this is the reason we consider this as our growth engine,” MindTree Executive Chairman Ashok Soota said.

On whether Kyocera acquisiton was a  major step for achieving the goal of US$1 billion by 2014, Soota said: “Only 25 per cent of our last year’s revenue came through the acquired firms, while the major portion of revenue was through organic way and we always want to keep the organic way as the major driver.”

The company also announced the appointment of Samartha Raghava Nagabhushanam, Founder Director & Managing Director of KWI as President & Chief Executive Officer of the new business unit.