The company is also planning to raise another Rs 50 crore through internal accruals and investments from venture capital firms. ``Many venture capitalists have already approached the company and everything would be finalised soon,'' Krishnamoorthi said. The company, which manufactures convergence technology products like set top boxes, information and net kiosks and application smart cards, is planning to set up a development centre and manufacturing facility in the country.

This will be in addition to manufacturing facility for laser cards being planned, Krishnamoorthi said. ``We will set up a software development centre, which will be an entirely different division, to provide business to business applications, web-enabled products and e-commerce solutions,'' he added. The company has tied up with US-based Lasercard System Corporation for integrating lasercard and optical memory cards in commercial and government systems solution.

The smart card, which is said to replace passports, driving licence, identity card in the future, initially is being outsourced from the US firm. After setting up of the manufacturing facility, the US company will only supply the technical knowhow to the company. The company will invest Rs 130 crore for the setting up of the development centre and the facility. It also has plans to set up a printed circuit board assembling unit with an additional investment of Rs 40 crore, Krishnamoorthi said.

``We are in the process of talks with the central and some state governments for national identity cards, the feasibilty study of which is being done by TCS,'' he said. The company is also planning an employee stock option plan (ESOP) of 15 lakh shares.