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Accentia Technologies opens new units as part of Government of Kerala's new Technolodge initiative

Mumbai - November 16, 2009: Accentia Technologies Ltd, a leading global Healthcare Receivables Cycle Management (HRCM) organization engaged in the areas of Medical documentation, Medical Coding, Billing, Receivables management and Integration and restructuring solutions to the healthcare service organizations has launched two Technolodges in two towns in Kerala.

Inaugurating the Technolodges and handing over the keys to Accentia authorities in a state-wide launch of this project on November 14, 2009, Water Resources Minister, Mr. PremaChandran said that this revolutionary step will help create employment and wealth in the rural areas. He commended the Accentia Technologies team for the brave step in taking over the Technolodges and pioneering the spread of IT into Indian villages. Minister for Labour & Employment, Mr. P.K. Gurudasan added that the State government will take all measures to ensure that industrial peace is maintained in the Technolodges. Agitation steps such as hartals and other work stoppage moves will be discouraged. The leaders of local governments also pledged to do the needful so that IT units in the villages can function smoothly and round the clock. Also speaking in appreciation of Accentia's commitment to the ruralisation of IT in India was the Kerala minister for Agriculture, Mr. Mullakara Ratnakaran.

Accentia is planning to create 3000 more employments in the next 18 months exclusively through 30 such Technolodges coming up and that would reduce the cost of delivering service by about 20% and reduce the employee turnover to below 8% levels.

Speaking on the occasion, Sooraj C.K., Director - Operations said "This is a defining moment for Accentia and an important milestone in its continuing quest for providing customer delight through highly cost effective services. The decision to expand our operations through medium/small sized Technolodges across the highly educated state is expected to act as a catalyst in improving the profitability due to lower operational and employment costs. In addition, this new venture is expected to reduce our employee turnover to below 10% levels. Sooraj also added that this initiative is part of Accentia's green initiative. The local units in towns are expected to provide employment to thousands in their home towns and thus reduce the need to trave to cities for employment and thus act as a catalyst to inclusive socio-economic growth in the state."

The stock was trading at Rs.119.80, up by Rs.2.90 or 2.48%. The stock hit an intraday high of Rs.122.90 and low of Rs.117.10.

The total traded quantity was 17741 compared to 2 week average of 20421.

Source: Equity Bulls

Posted On: 11/16/2009 11:38:27 PM

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