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FlatWorld to invest $200 mn in India
By siliconindia
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Friday, 09 March 2007, 18:30 IST
BANGALORE: New-York based FlatWorld capital plans to invest $200 million in the IT and BPO segments in its first year of India operations. Raj Gupta, partner of the $30 billion corpus worth private equity firm noted that India has a sizeable chunk of small and mid-tier IT/ITeS enterprises that lack the financial muscle to strike big acquisition deals and mergers.
"A similar SME scenario exists in Europe and the U.S. too. We will facilitate the Indian enterprises to find suitable overseas partners and fund their expansion," he said.
FlatWorld will target healthcare services, sales and marketing, engineering and R&D, IT services, finance and accounting and human resources verticals in the IT/BPO segment.
"Our target would be companies that are in the annual revenue bracket of $50 million to $400 million," added Gupta. The private equity firm is said to be tracking 500 potential M&A deals globally. It is in the process of evaluating 50 technology firms in the U.S. and Europe that seek to either buy or be bought over by Indian companies.
"We are in the midst of finalizing five such deals, all of them in the range of $25-$100 million," he said.