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| KMG Info looking for acquisition in India, US and Europe |
| Vijay C Roy / New Delhi/ Chandigarh Sep 25, 2009, 00:35 IST |
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The US-headquartered KMG Infotech Ltd, a software services and consulting company having offices in various parts of India, including Bengalore, Gurgaon, Kolkata and Mohali, is looking for acquisitions in India, the US and Europe.
Speaking to Business Standard, KMG Infotech Ltd Founder and Chairman Subhash C Bhatia said, “We are open to acquisitions. Already we are in advance talks with few companies for the acquisition. Firstly, we plan to acquire a company in the US that does not have presence in India. Secondly, we are also eyeing BPO firms having presence in India. Thirdly, we are also eyeing companies that have foothold in Europe, preferably dealing with property & casualty (P&C) insurance sector.”
He added, “We would be shelling out anywhere between Rs 50-100 crore towards acquisition, which can funded through internal accruals, diluting promoters stake etc.”
At present, the promoter has 70 per cent stake in the company and plans to dilute 20-25 per cent of its equity.
The company is engaged in providing integrated IT solutions to global insurance, banking and financial services companies and inaugurated its facility in Mohali (Punjab).
On the Mohali facility, he added, “Our objective is to make our Mohali facility one of the focal points for exports to the US and other countries. In keeping with this goal, the Mohali facility will be a software development, BPO/KPO and KMG education centre. We have invested over Rs 12 crore in the Mohali project so far and plan to invest about Rs 6 crore more in the next few years for creation of more infrastructure. Presently, 50,000 sq ft space has been created with a possibility of additional 25,000 sq ft in the near future.”
The company also has 1 acre in possession at Rajiv Gandhi Chandigarh Technology Park and has plans to invest Rs 20 crore in the future to set up software development centre.
Bhatia said, “Over the next 3 years, KMG will provide quality training to more than 1,000 people in software development and soft skills. It is also in touch with more than 50 colleges in the region to provide industrial-level training in IT and soft skills to get engineers ready for the real job market. It will also generate direct technical employment for more than 600 people from Punjab and related indirect employment for the general public.”
Giving an overall perspective of KMG, Bhatia said, “We have created a special niche in the P&C insurance sector and established brand equity in the insurance domain through the range of services provided to our client base and the domain knowledge of our professionals.”
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