Ma Foi opens office in the US

Leading HR service provider Ma Foi has opened its wholly-owned subsidiary in the United States and announced plans to launch operations in Bahrain, Qatar, Kuwait and Australia next year.

The Chennai-headquartered Ma Foi, said the overseas forays would enable the company to give its employees an exposure of the international market, besides leading its growth through the recruitment process outsourcing.

The company's managing director Pandia Rajan said Ma Foi's wholly-owned subsidiary in Iselin, New Jersey under 'Ma Foi Consultants USA Inc' was launched in the first week of this month.

Headed by CEO Sunil Gandhi, the US subsidiary will focus on executive search, permanent staffing across two sectors - information technology and banking, financial services and insurance.

"We have been one of the first movers in the RPO segment and having realised the potential it offers in the wake of offshoring, it is a logical move to be present in the US markets," Rajan said.

He said Ma Foi has presence in eight countries and was planning to enter four more locations - Bahrain, Qatar, Kuwait and Australia, in 2006.

A company release said Ma Foi posted a 69.3 per cent growth in its total revenues to Rs 144.4 crore (Rs 1.44 billion) during the period January to September 2005, compared to Rs 85.32 crore (Rs 853.2 billion) in the same period last year.

The net profits grew to Rs 42.8 crore (Rs 428 million) in the period, as against the previous year's Rs 28.49 crore (Rs 284.9 billion), the release said.