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HCL co-founder launches Techspan

The company will have equity of $12 million in which Malhotra will hold a 25 per cent stake with investment banker Goldman Sachs holding a larger 35 per cent stake.

T O D A Y

• The $100 m ticket • Techspan launched • Million cell users now • Apple deal for schools

Venture capital company, Walden will have 10 per cent stake and six other directors will hold the rest. The exit route for these institutional investors is expected to be a NASDAQ listing in three years.

Techspan has been incorporated in the US and will be in the leading-edge technology consulting business in the areas of telecom and Internet.

The company is headquartered in Sunny Vale, but is setting up a technology centre of excellence in NOIDA near New Delhi.

"This is going to be a global company. We are looking at recruiting and also establishing development centres in all English speaking countries in the world like Australia, New Zealand, Ireland, UK, Singapore, Philippines and South Africa."

The India centre will have 800 consultants by 2001.

This is the third investment that Goldman Sachs is making in a service company. The rest of their investments are in product companies.

- Compiled from the Indian media

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