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Indian animation Co DQE plans acquisitions in U.S., EU
By siliconindia
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Tuesday, 20 July 2010, 22:16 IST
Hyderabad: The Indian animation and gaming content development company, DQE is scouting for an acquisition of a company with good quality library and publishing. The Hyderabad-based company, which went public early this year, expected that 50 percent of the IPO money would be consumed in the next six months on content development, infrastructure development and working capital needs, reports K.V. Kurmanath from Business Line.
Mr Tapaas Chakravarthi, Chief Executive Officer of DQE said "we are scouting for such companies in the US and the European Union. We may seal these acquisitions in the next financial year. We might go for raising a fresh fund middle of next year to fund the acquisitions." He said that the timing of the fund raising would be decided later.
After the completion of two big budget feature films and other co-production projects, DQE would need further funding for the upgradation of software, hardware and infrastructure. "We anticipate major projects in feature films, television and gaming sectors. If they happen as planned, we need to upgrade the facilities," he said.
DQE was moving good part of its activities to the 10,000 sq ft facility in a special economic zone here. Besides, it was going to start a 1.80 lakh sq ft campus at the Kokapet SEZ.
The company is also planning to recruit 1,000 employees in the next 18 months for the upcoming projects. It currently employs 3,500 employees and 300 freelancers in Manila. Meanwhile, the company was engaged in talks with the Malaysian government with regard to a proposal to handhold the local companies by coproducing projects there.