Syntel Founder Bharat Desai honoured with “Entrepreneur of the Year” by the US SCHOOL OF BUSINESS

Syntel Founder Bharat Desai honoured with “Entrepreneur of the Year” by the US SCHOOL OF BUSINESS

New Delhi September 26, 2005 – Bharat Desai, Chairman, CEO and founder of Syntel, Inc., a global information technology services company, has been honoured as “Entrepreneur of the Year” by the Stephen M. Ross School of Business at the University of Michigan in USA.

Established in 1991, this award recognizes the accomplishments of an alumnus or alumna of the University of Michigan who has started and built a successful enterprise. Desai earned his M.B.A. in Finance from the Stephen M. Ross School of Business at the University of Michigan in 1981.

The award was presented Friday during the Business School’s signature event celebrating entrepreneurship and new business formation. Desai also presented a keynote address during the award ceremony.

Desai founded Syntel in 1980 in Troy, Michigan with a $2,000 investment. Today, Syntel is publicly-traded on NASDAQ, has more than 5,000 employees in global centers around the world, and a market capitalization in excess of $750 million. Syntel provides information technology solutions to leading corporations around the globe.

Syntel global headcount grew to over 5000 in the second quarter of 2005, compared to 4,722 in the first quarter 2005. Our 40 acre Pune campus will be inaugurated in October of this year. We have also completed registration of 27.52 acres of land in Chennai where we will build our next campus” – Syntel’s India based Chief Operating Officer, Keshav R Murugesh said.

Syntel’s financial position remains very strong. The Company ended the quarter with more than $114 million in cash and short-term investments. The Company remains debt free. Since announcement of this result the company market capitalization on NASDAQ has increased 20% to Rs 3400 Crores ($780 million)