Axis IT&T Ltd, the Delhi-based provider of software engineering services, plans to provide end-to-end services for the energy sector – from designing a power plant to testing the processes, according to a company official.
It will first set up the competency in the energy sector within the company and then start looking for acquiring a company in this domain, according to the company’s head of Chennai operations, Mr D. Murali Krishnan.
Axis IT&T is part of the Axis Aerospace and Technologies Group founded by Mr Rajeev Chandrasekhar, a Rajya Sabha member.
Axis IT&T will design civil structures, processes, pipelines and instrumentation for the plant. It will also test and commission the plant, he said at the newly inaugurated office in Chennai. This new centre will spearhead the energy domain. Around 150 employees of Axis IT&T in the Chennai centre work for Caterpillar, he said.
For putting up a 1-MW solar power plant it costs around Rs 17 crore, and Rs 10 crore for a thermal plant. The design cost involved will be around 2 per cent. With hundreds of power projects, including non-conventional energy, lined up in India the company has a lot of opportunity in this sector, he said.
Clients
Mr Krishnan said the company has been providing engineering services to global clients such as Caterpillar, Cummins, Airbus, Boeing (NYSE:BA) , Mercedes, Volvo and Daimler. For instance, it is involved right from designing stage of a product to virtually simulating “off-highway” equipment such as earth moving or mining equipment. After the success, the product finally goes for manufacturing, he said.
Axis IT&T last September acquired the Bangalore-based Cades Digitech Pvt Ltd, a product design and engineering services firm backed by Nadathur Holdings, the investment arm of Infosys co-founder, Mr N. S. Raghavan. Cades’ clients include EADS, Nissan, Boeing and Volvo. The global market for engineering services is set to be around $50 billion, said Mr Krishnan.
The company’s revenue for the year ended March 2009 was Rs 42 crore, according to information available in the NSE.
The company’s share price closed on Thursday at Rs 63, up 4.48 per cent from the previous day closing price, on the NSE.
Source:http://www.istockanalyst.com/article/viewiStockNews/articleid/3999567
