Chennai: IT company iGate Global Solutions said today (Sep 21, 2004) it would invest Rs 53 crore in expanding its Bangalore and Chennai operations and would hire 500 professionals for the latter.

Bangalore-headquartered iGate has a 65,000 sq ft facility in Chennai and plans to add 35,000 sq ft in the city.

"We have identified the space. The additional space will have a capacity for 350 people. We will be investing around Rs 8 crore in creating a new facility in Chennai," chief financial officer, iGate Global Solutions, N Ramachandran, said at a press conference in Chennai.

The company has plans to double its workforce in Chennai to 1000 over the next 6-12 months.

iGate is currently in the process of completing its phase two, 14 acre integrated technology and operations campus in Bangalore.

"The Phase 2 in Bangalore will have a seating capacity for 1700 people and we have planned an investment of Rs 45 crore for this expansion," he said.

iGate has facilities in Hyderabad and Noida as well. The company had a revenue of Rs 570 crore and a profit of Rs 4.79 crore last fiscal.