3i Info eyes domestic, overseas acquisitions

3i Infotech, the business process outsourcing arm of ICICI Bank, is scouting for acquisitions in banking, financial services and insurance (BFSI) sector, both locally and overseas.

The company intends to add around Rs 100-150 crore to its turnover this fiscal year to its existing Rs 292 crore.

"We are looking at acquiring companies from different geographies which have complimentary products in the BFSI space. We intend to acquire a company immediately to enable us to add around Rs 100-150 crore in this fiscal itself," said V Srinivasan, chief executive officer.

The company intends to use the proceeds from its recently concluded initial public offer (IPO) as and when "an target is identified and would also tap the capital markets a second time if deemed necessary", he said.

Formerly known as ICICI Infotech, 3i had tapped the markets in March with a Rs 230 crore IPO.

3i Infotech is looking at developing a mutual fund product as the industry is growing in a big way. He, however, did not disclose further details of the product.

The software and services company is also looking at adding another 400-500 personnel this year at its Mumbai and Bangalore centres.

Meanwhile, the company launched an office in Kazakhstan on July one, 2005, in line with its strategy to expand to Commonwealth of Independent States region.

The company is also looking to set up operations in Poland, Romania and other countries, Srinivasan said.

Recently, it has bagged a $1.6 million order from a diary firm in Iran, $3.5 million banking and finance business from Kazakhstan and e-commerce projects of $7 million from US.