RP-Sanjiv Goenka Group Company Sets Up Operations In Australia and New Zealand; Creating Over 400 New Local Jobs
The stock gave multibagger returns of over 100 per cent from its 52-week low of Rs 148.40 per share.
Firstsource Solutions Limited (NSE: FSL, BSE:532809), a leading global provider of specialist domain-led Business Process Services (BPS) and an RP-Sanjiv Goenka Group company, today announced its operations in Australia and New Zealand. The company will be headquartered in Victoria, Melbourne, creating over 400 new local jobs over the next five years.
Today, Firstsource’s Chairman Dr Sanjiv Goenka, COO, Sohit Brahmawar and ANZ Country Head Gagan Vohra met Victorian Premier Jacinta Allan in Delhi to discuss the mutual support for establishing Firstsource’s headquarters in Melbourne and helping grow the state’s digital capabilities, bringing new proprietary technology and driving more research, innovation and growth in the state’s digital ecosystem. Firstsource plans to partner with Victorian education institutions to set up an innovation lab focused on AI, engineering, robotics and digital experimentation.
Firstsource has recently demonstrated industry-leading growth for multiple quarters with ambitious plans to grow its presence across important geographies and capabilities, optimizing its outcome-led deep domain specialist expertise, cutting-edge tech, data and analytics capabilities to leverage opportunities and build differentiation. India is a major two-way trading partner for Victoria totalling USD 3.6 billion in 2023-24. Over the last five years, software and IT services have accounted for 66 per cent of Indian foreign direct investment, highlighting the critical role digital technology plays in the economic relationship.
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Dr Sanjiv Goenka, Chairman of RPSG Group and Firstsource, shared, “Expanding our operations into Australia marks a significant milestone in Firstsource’s global growth strategy. We see this as an important opportunity to leverage not just the immense opportunities the country presents, but also the outstanding support provided by the government in ease of doing business and building a stronger local economy. We are delighted by the support and partnership provided by the Victorian Government toward setting up our operations and look forward to contributing meaningfully to the growth and success of both our business and the local economy.”
Jacinta Allan, Premier of Victoria, commented, “Securing Firstsource’s Australia and New Zealand headquarters will create hundreds of jobs and boost our thriving digital innovation ecosystem. Melbourne is Australia's leading tech city – it's no surprise that global leaders are continuing to invest in Victoria.”
Tim Pallas, Victorian Minister for Economic Growth, shared, “Our world-leading education institutions, tech talent pool and innovation ecosystem are attracting more investors to expand into our state and create high-value jobs for Victorians.”
About the Company
Firstsource Solutions Limited, an RP-Sanjiv Goenka Group company, is a specialized global business process services partner, providing transformational solutions and services spanning the customer lifecycle across Healthcare, Banking & Financial Services, Communications, Media & Technology and other diverse industries. With an established presence in the US, the UK, India, Mexico, Australia, South Africa and the Philippines, we make it happen for our clients, solving their biggest challenges with hyper-focused, domain-centered teams and cutting-edge tech, data and analytics.
The company has a market cap of over Rs 20,000 crore and has been maintaining a healthy dividend payout of 46.8 per cent. The stock gave multibagger returns of over 100 per cent from its 52-week low of Rs 148.40 per share. Investors should keep an eye on this mid-cap stock.
Disclaimer: The article is for informational purposes only and not investment advice.