Infotech Enterprises has been officially renamed as Cyient Ltd to position itself as a distinctively unique global company. The company is spending Rs. 18-20 crore for the re-branding exercise.
The city-based company, however, will retain its old brand name in some IT related subsidiary projects. Cyient Executive Chairman B. V. R. Mohan Reddy said the old brand name was too generic. “Cyient is a unique nameThe last three letters in Cyient stand for Infotech Enterprises,” he said.
Mr. Reddy also informed that the company was aiming to be a billion dollar company in 4-5 five years. Cyient Managing Director and CEO Krishna Bodanapu said, “There are a couple of more acquisitions in the pipeline. These companies deal with embedded software, utilities and medical electronics.”
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Cyient recently acquired Softel Inc. Mr. Bodanapu said about 500 fresh engineering graduates, mostly from State, would be hired in the current fiscal.
This article was corrected for a factual error.