Earlier this month, the company announced that it will invest $250 million in India and, as part of this expansion, establish its first Indian manufacturing facility in Pune | Photo credit: Kunakorn Rassadornyindee
Earlier this month, the company announced that it will invest $250 million in India and, as part of this expansion, develop its first Indian manufacturing facility in Pune.
“Next year we will be operating in Pune, our civil work is already done. We are in a certification process and we will also move our R&D center to Pune, and now for the future we are recruiting certain talents who will start our operations in India. The plan is to open an office in Mumbai between October and December next year,” he said.
FCS plans to issue 2 million cards from its Pune facility next year, of which 10 percent will be for the domestic market and the rest for the international market.
“Then the volume growth we are planning is up to 25 million units exported in India and basically we will export globally except the US because that is where we have our local operation,” he said, adding that the company will initially hire 300 to 400 employees in India and take the workforce to 1,000 over time.
The company is currently working with Axis Bank, VISA, Mastercard and FPL Technologies (OneCard) in India and is approaching “any bank” in India to become part of their technology ecosystem, Eurnekian said.
Published on November 25, 2025
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