Patni Computer Systems Limited, India's sixth largest information technology services company that recently listed on the Bombay Stock Exchange, plans to set up a 'Patni Knowledge Park', in Mumbai to meet its long-term needs of software development space in the city.

The Knowledge Park, when complete, will be able to accommodate 17,000 professionals. Phase-I of the project will be completed in early 2005 with an investment of about Rs 230 crore (Rs 2.30 billion) to accommodate 5,000 professionals.

When ready, the Patni Knowledge Park will be among the city's largest software parks.

Patni has been allotted 50 acres of land in the MIDC technology park in Airoli. The campus will include the infrastructure for software development, training, customer care and employee recreation among others.

"We are committed to enhancing our position as a leading Indian provider of integrated IT services and to strengthening our delivery capabilities. This Knowledge Park is a major step towards this effort," says Narendra Patni, Chairman and CEO of Patni Computer Services.

"The Knowledge Park will meet the needs of Patni's rapidly growing business requirements by providing end-to-end IT off-shoring services for clients in the insurance, financial services, manufacturing and other verticals. This will enable Patni to quickly ramp up operations to meet dynamic client requirements and also venture into new high-growth verticals," he added.

Patni's Knowledge Park is part of the company's plans to invest in infrastructure expansion globally. The company's first development center was established in Mumbai in the early nineties as part of the Software Technology Parks of India scheme. The Knowledge Park will have contemporary styled buildings with widespread wi-fi connectivity and 24x7 utility back-ups.

"Patni has grown consistently at over 40 per cent in the last five years on account of the increase in the size of deals and relationships with our large clients. We expect to sustain this level of growth far ahead of industry growth estimates. Our investment in the Patni Knowledge Park will enable us to accommodate this high pace of growth," says Deepak Sogani, Chief Financial Officer, Patni Computer Services.

Currently Patni has an employee strength of over 7,000; multiple offshore development facilities across six cities; and 22 international offices across the Americas, Europe and Asia-Pacific. It registered revenues in excess of $ 251 million for the year 2003.