Leasing operation IL & FS Venture Corporation has taken a 14.1% stake in Calleo Consolidated Technologies, the Indian-based software engineering facility of e-business consultancy Calleo Group.
Calleo says the funding will be used to exploit new opportunities in the digital wireless market and significantly expand the business of its Consolidated Technologies unit by tripling its workforce over the coming months. Staff levels are set to rise from the current level of 50 to a target of over 170 by the end of 2001.
The R&D spend will be focussed on emerging technologies such as general packet radio services and Bluetooth applications for financial services companies says Pradeep Mathur, chairman, Calleo Consolidated Technologies.