 Ma Foi joins global league
Ma Foi Global Search Services Limited (Ma Foi Search), a wholly-owned subsidiary of Ma Foi Management Consultants Ltd, has been selected to join the International Executive Search Federation, (IESF), the fastest growing search network globally, with presence in 48 countries worldwide. Ma Foi Search will be the exclusive representative of this network for India, Dubai and Sri Lanka.
This strategic move will catapult Ma Foi into the international league in executive search business, with capability to do cross-border searches, adhering to global process standards. With India having a competitive advantage as a global source for talent availability, Ma Foi will be a critical player in the IESF. Ma Foi Search has placed over senior 615 positions till date of which 71 are at the CEO/MD/COO level.
It closed the Ql (JFM 2005) with revenue of Rs 42.2 crore, against Rs 24.2 crore for the same period last year, registering a growth of 75 per cent .Net revenue was at Rs 12.6 crore, against Rs 8. 9 crore for the corresponding period.
The first quarter witnessed the restructuring of the businesses and launch of the new identity. The HR, BPO and consulting businesses were merged to form Ma Foi Consulting Services Limited while Executive Search. Earlier a part of Ma Foi Management Consultants Limited was hived off as an independent company - Ma Foi Global Search Services Ltd. Ma Foi Management Consultants retains the staffing business comprising permanent staffing, flexi staffing and assessment divisions.
The flexi-staffing division of Ma Foi scaled up to 11,559 deputees during the first quarter, maintaining its leadership in the temping business. Total placements crossed the landmark of 50,000 placements reaching 56,180, spread across 30 countries till date. The division also signed up a leading global finance corporation to recruit 1,000 people for their BPO and IT services divisions at
Mumbai.
The assessment division signed up with Psychometric Services Ltd. one of the top three testing companies in the UK for reselling their products exclusively in nine countries viz. Bangladesh, Sri Lanka, Nepal, Mauritius, Singapore, Malaysia, Dubai, Muscat and Bahrain besides India. Ma Foi became the first HR company to sign up with two leading educational institutions for flexi staffing and assessment. This is a trendsetting move and this model has immense potential to be replicated successfully in similar large institutions.
Q1 also witnessed the consolidation of overseas operations with setting up of office in Muscat in partnership with Private Projects Development Company L.L.C, to offer end-to-end HR solutions to Middle-East companies and helping in cross-border, intra-regional movements.
This is the seventh overseas office and the second in the region outside of Dubai. On the anvil are offices in Manama, Doha, Abu Dhabi and Edison (US).
Ma Foi Dubai signed up a leading bank and a leading retail concept leader as clients. Ma Foi, London, bagged new assignments to recruit professionals for telecom, media, Internet and technology sectors. Ma Foi Lanka signed up a brewery leader for a deputation assignment in addition to a travel industry major and Ma Foi Malaysia signed up an Austrian company with presence in Kuala Lumpur for a payroll processing.
Ma Foi Academy, the career training division, signed up with Government of Orissa for training and has successfully completed the first batch. It also launched franchisee operations with the first Business Partner Operations at Visakhapatnam.
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