|
Infosys eyes stake in global e-comm, broadband firms
PRESS TRUST OF INDIA
New Delhi: Infotech major Infosys Technologies Ltd, which has taken a stake in the US-based Cidra Corp, is now planning strategic investment in e-commerce, broadband wireless and optical networks companies abroad. "We are in the process of looking at it companies focusing on e-commerce, broadband wireless and optics for strategic investment," N R Narayana Murthy, chairman and chief executive officer (CEO) of Infosys, told PTI. Narayana Murthy said that the companies Infosys would invest in would be based outside India. Earlier this year, Infosys acquired a minority stake worth $3 million in US-based Cidra Corp, a privately held company, which develops agile photonic devices for high precision wavelength management and control devices for new generation optical networks.Asked if the government's rejection of $10 billion blanket approval for acquisition would hamper the company's plan on the acquisition front, Narayana Murthy said that if the company succeeded in zeroing in on "worthwhile acquisition deal" the government surely would consider its proposal. "We are looking for the right partner and are confident that in the larger interest of the country, the government would consider our proposal seeking a blanket approval," Narayana Murthy said. He, however, declined to specify a time-frame for zeroing in on the right company. Earlier this year, the finance ministry had shot down Infosys' proposal for a $10 billion blanket approval for global acquisitions. The implicit rejection by the finance ministry means that the company would have to put in a fresh proposal for high value acquisitions. For IT companies the automatic route for American Depository Receipts (ADR) and global depository receipts (GDR) is also open for acquisitions up to a limit of $100 million. Copyright © 2000 Indian Express Newspapers (Bombay) Ltd.
|