Infotecnics India Ltd has been bitten by an acquisition
bug. Mainly concentrated in India, the company now wants to expand its
operations in other countries as well. In the financial year 2001-02, it plans
to acquire or have a joint venture partnership with two to three companies
overseas.
Towards this effect, Infotecnics has already identified
a company in Thailand and its acquisition is on the cards. Sanjeev Bhavnani, MD,
Infotecnics, refused to divulge any details about the same. Further, it plans to
acquire few more companies in the ASEAN region--mainly in Malaysia, Indonesia
and Singapore.
Talks are also on with a few companies in Australia and
discussions are in an advanced stage now. Though the company already has its
presence in the US, it now wants to have its full-fledged operations there up
and running by 2002. Europe too is on the agenda. "We would wait for one
company to break-even before we enter another country," said Bhavnani.
Apart from that, Infotecnics has tied up with a company
called Net Edge Computing recently where it has a 50 percent stake. Bhavnani is
on the board of directors in this company. With this joint venture, Infotecnics
wants to have a 100 percent EOU. No projects in the country would be taken under
this joint venture. At present, four projects are under negotiation in various
counties. Mergers and acquisitions are also a possibility with this venture.
Furthermore, IPO is on the anvil. Though Bhavnani
preferred to be tight-lipped on this subject, he however disclosed that he is
waiting for the "Sensex to take better shape" before coming out with
an IPO.