HCL Insys may buy U.S. firm

NEW DELHI, MARCH 20. Infotech major HCL Infosystems (HCL Insys) has said it has shortlisted eight IT services companies in the U.S. and the U.K. for acquisition and hinted it may finally zero in on a U.S. based company.

"We have currently shortlisted about eight companies in the U.S. and the U.K. We may finally decide to acquire one U.S. company as it makes more sense for us," Mr. Ajai Chowdhry, Chairman and CEO of HCL Insys said here.

Explaining the company's preference for a U.S.-based firm, Mr. Chowdhry said, "owing to the large size of the American market, acquisition of a U.S. company would give HCL Insys access to a large customer base." He said the company was eyeing a firm with the size of $40 million for the takeover and added that the deal would be closed by the end of this year.The company's shareholders had approved funding of the acquisition to the extent of Rs. 400 crore through an empowering resolution in February this year.

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Section  : Business
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