HCL Infosystem to acquire companies in emerging markets
October 21st, 2010 - 5:10 pm ICT by IANSNew Delhi, Oct 21 (IANS) India’s HCL Infosystem Thursday said it is planning to acquire companies worth $50 to $100 million in emerging markets, including Africa, to expand its business.
The company is looking forward to a service acquisition of $50 to $100 million and geographic acquisition of $6 to $10 million, said Chairman Ajai Chowdhry.
The technology, system integration and IT enterprise company Tuesday launched its Middle East and Africa (MEA) operations.
“Africa has great opportunity as labour cost arbitrage do not hit you there,” said Harsh Chitale, chief executive officer.
The African market is expected to grow at a compound annual growth rate (CAGR) of around 12 per cent, according to market intelligence provider IDC.
Chowdhry said the money raised through the sale of shares in the last fiscal year would be utilized to finance acquisitions and creating infrastructure of the existing business.
HCL Infosystems raised about $200 million to expand its operations in India. In July, the company acquired a 60 percent stake in NTS Group, a leading Dubai-based IT services and solutions company. According to market analysts, the size of the deal was estimated to be around $6.5 million.
- HCL Infosystems picks up 60 percent stake in Dubai firm - Jul 08, 2010
- HCL to acquire 20 percent stake in Techmart Telecom - Dec 30, 2010
- HCL Infosystems Q3 net profit dips marginally - Jan 28, 2011
- HCL Infosystems' Dubai arm signs deal with Emirates group - Nov 10, 2010
- HCL Infosystems Q1 net profit down by 19.5 percent (Lead) - Oct 27, 2010
- HCL Infosystems to sell arm to Tikona - Jan 19, 2011
- Harsh Chitale new CEO of HCL Infosystems - Oct 01, 2010
- Succession Planning: Some hiccups, but Indian IT shows the way (Comment) - Jun 16, 2011
- HCL Infosystems launches Rs.10,490 tablet in India - Oct 14, 2011
- Bharti Airtel to acquire Telecom Seychelles for $62 million - Aug 11, 2010
- HCL Infosystems bags IT project from Punjab and Sind bank - Mar 09, 2011
- Microsoft launches on-demand e-mail solutions in India - Nov 05, 2009
- More global firms eye Indian construction equipment market - Nov 28, 2011
- HCL Infosystems bags Rs.250 crore BSNL order - Jan 31, 2011
- Emerson upbeat about India - Jul 08, 2011
Tags: 10 million, 100 million, ajai, arbitrage, cagr, chief executive officer, compound annual growth rate, emerging markets, enterprise company, fiscal year, hcl infosystem, labour cost, market analysts, market intelligence, mea, New Delhi, service acquisition, solutions company, system integration, technology system