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Infosys Technologies will invest Rs 1.5 billion into expansion activities over the current fiscal. "The funds will be raised by internal sources and, if necessary, we may go in for short-term debts as well," Chairman and Managing Director N R Narayana Murthy has said.

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The company is setting up a software development centre at Electronics City near Bangalore. The facility is to be built on a 10-acre plot, will accommodate around 1,800 professionals and would be completed by September 30, 1999.

At the company's 17th annual general meeting in Bangalore on Saturday, Murthy said Rs 700 million would be spent for setting up the Electronics City software development centre and Rs 600 million would be earmarked for technology upgradation and power equipment.

The company is also examining the possibility of setting up a development centre in Hyderabad, which is emerging as another software hub of the country. It is also looking at possibilities in Madras and Bhubaneswar.

Infosys has recommended a final dividend of Rs 4.50 per share, making in all, a total payout of Rs 6 per share for the year ended March 31, 1998.

The company is now venturing into Euro projects and ERP implementation.

Shareholders have unanimously approved the appointment four new directors to the board. They are: Sushim M Datta, former chairman of Hindustan Lever Limited; Deepak M Satwalekar, managing director, HDFC; Ramesh Vangal, president, Seagram (Asia Pacific) and Marti G Subrahmanyam, Charles E Merrill professor of finance, economics and international business, Leonard N Stern School of Business, New York University.

This year, Infosys will also be making substantial investment in the equity of JASDIC Park Company, an Indo-Japanese consortium.

Kenichi Ohmae, the management strategist and author, has founded the JASDIC Park Company. It includes a few Japanese companies and three Indian firms.

- Compiled from the Indian media

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