Indian firms in acquiring mode in U.S.
By siliconindia   |   Monday, 08 November 2010, 16:11 IST   |    2 Comments
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Bangalore: Infotech Enterprises, who provide critical engineering solutions for clients all over the world, has acquired US-based Wellsco, a telecom engineering Services Company for an all cash deal with an annual run rate of the company touching $12 million. V.R. Mohan Reddy, Chairman and Managing Director of Infotech said that they will be reaching the $1 billion mark with this acquisition and hence is a crucial acquisition. The company is expecting $10-12 million additional revenues in the financial year of 2010-11. He said "We are in the process of transforming Infotech's Utilities, telecom and Government (UTG) vertical by adding engineering flavor to it. We have formed an alliance with a Dutch firm for such services in Europe and built a backend support with 300 people here. But when we want to tap the U.S. market, we wanted to have our own presence." Another in-house acquisition is by Spicejet.It will acquire 30 Boeing aircraft which is worth around $2.7 billion (Rs12, 600 crore). SpiceJet, which currently operates a fleet of 21 aircraft, will induct seven more in the current calendar year as it launches overseas flights. The airline plans to operate around 50 aircraft by 2014.The government's green light to SpiceJet comes nearly six months after the government gave in-principle approval to rival IndiGo to buy 150 new aircraft, at an estimated cost of around $14 billion (Rs 65,000 crore). SpiceJet, which has completed five years of domestic operations required to be eligible for overseas operations, is firming up overseas routes. It plans to launch flights to Male, Colombo, Dhaka and Kathmandu routes this month.