Information Technologies Seeks Acquisitions

Information Technologies (India) Ltd, the software company of Usha India group, said yesterday that it was looking to acquire a software company abroad within a range of Rs 200 crore. "We will look at acquiring a software company in the United States, Europe or Africa within a budget of Rs 200 crore," group chairman Vinay Rai said at a press conference in New Delhi yesterday. A decision on this will be taken in the next six months, he said, adding that mobilising funds will not be a problem since the target was in the range of Rs 200 crore. An international consultant has been appointed to advise on the strategy, Rai said, but refused to disclose the progress on this front. He also declined to name the advisory saying it was too premature to talk about it. ITIL will aggressively follow up the mobile internet solutions market in India and outside. The company currently generates 70 per cent of its revenues from outside India. Rai also announced an employee stock option plan for ITIL at a discount of 43 per cent of the current market price to 250 employees of the company.