The process of acquiring the American computer institute is expected to be over by the end of 1999, NIIT founder Rajendra S Pawar said. NIIT had earlier said it was considering an American Depository Receipts issue to mop up funds for buying out the US company as part of its strategy to become a global leader in computer education.

``We have now decided to acquire the US institution first before going in for the American Depository Receipts issue,'' Pawar said. NIIT was ready to spend about $75 million for the purpose, he added.

NIIT would soon appoint an investment banker to scout for a suitable company in the US and to suggest ways of raising funds for the acquisition, Pawar said.

He said the acquisition would be funded through borrowings, issue of equity or a combination of both. ``We will go bywhat investment banker has to say in this regard,'' he added.

Delhi-based NIIT has set an ambitious target of becoming the biggest information technology trainer in the world by year 2002. The company has already established a wholly owned subsidiary in the United States and views the country as an important destination.

NIIT has decided to go in for the acquisition route to consolidate its presence in the US because the company feels that going it alone would be difficult there.

Pawar said financing for expansion plans was not a major issue and the company was more concerned about maintaining its image abroad.

``We are looking for an institution that falls in the same category where we are — software and computer training. Besides the cultural fundamentals of both the firms should also match,'' he said.

Asked about NIIT's plans for other country's Pawar said the company's courses were gaining acceptance in China where it was already operating. ``We do not want to rush in to any country. We want todo a good job where ever we go,'' he said.

Software business of NIIT, comprising software development and educational multimedia software, constituted 60 per cent of its total global revenue. The company is planning to add 100 multimedia titles and new education centres every year. An enhanced computer-based training library was also on its anvil.