The $400-million Mastech Corporation, one of the leading IT services firm, after acquiring companies on a global scale has now zeroed in on Indian companies with specialisation in e-commerce and Internet applications.
The corporation which has a wholly owned subsidiary in India - Mascot Systems - is currently scouting for such IT firms in the country and a deal to this effect is "in the offing".
Highly placed officials in the Indian subsidiary informed that there have already been offers from various M&A consultants on possible targets, but the same were not in line with the company's line of focus.
"Most of the companies which are possible targets in the current scenario are either into product business in their own right or into Y2K segment. By acquiring a product business we don't want to be a vendor, and Y2K-oriented companies are not really hot nowadays," an official said.
He added that the corporation is looking at focussed companies with healthy competence domain in e-commerce and Internet applications. The company is not averse to acquiring companies in the solutions business with high technical domain in the client/server applications.
The Indian subsidiary is actively looking out for the companies, but the actual deal is expected to be driven by its parent. This is in line with its strategy for growth in the current year which envisages expansion of current range of services and revenues.
The company currently addresses software solution needs in the areas of Internet solutions, conversions, maintenance and Y2K in host-based processing, client server processing and work flow applications.
In addition to this expertise the company is also involved in complete maintenance of applications and products which involves critical maintenance of applications to scheduled enhancement of products. The company for such projects has been focussing on pharmaceutical, transport, finance, insurance, power and retail sector.
Mascot Systems employs a variety of computing environments and uses leading technologies including object-oriented programming languages and tools, distributed database management systems and the latest networking and communication technologies. t intends to use the funds. These include the Palghar Project, a Coal Washery, a 160 mw naphtha based power project at Kochi in Kerala, a 165 mw power plant in Gujarat, a 250 mw power plant in Srimushanam in Tamil Nadu.
BSES is also planning to approach the IFC, Washington for a loan of about Rs 150 crore to fund its plans in investment plans in Orissa. IFC is the soft-lending arm of
