Mr Deshpande said his company was not looking at listing outside India especially with the best evaluations coming from BSE and NSE. "But if any specific need arose, we would consider it in future," he said.

The IPO proceedings will be used for achieving inorganic growth, investment in R&D and for Esops, Mr Deshpande said. Regarding acquisitions, Mr Deshpande said there were plans but they were in an `embryonic stage' and Indian and Europe-based companies would be considered. "We are also planning to help our employees by nurturing entrepreneurship among them and incubating start ups," Mr Deshpande said.

As of now, 75 per cent of MBT's business comes from British Telecom. MBT is aiming to reduce the share of business from British Telecom from its portfolio. The non-BT business would go up from 25 to 45 per cent, Mr Deshpande points out.

MBT has expanded its development centre here by setting up an additional facility in the heart of Pune city. The existing centre has been operating from the MBT campus in Pimpri.

The company has established centres of excellence to build competence in in intelligent networks, mobile computing and information appliances, network management, Internet technologies, systems modelling, artificial intelligence, software component extraction, data engineering and product engineering.

Mr Deshpande is expecting a 45 per centre growth in revenue and profits this year. Last fiscal, the company closed at Rs 240 crore. The company is expanding into Asia Pacific and the European market outside UK.