Zensar to invest $100 Million for another overseas buy

Kolkata: Zensar Technologies, the IT services arm of the RPG group, is planning to acquire another overseas company with an investment up to $80-100 million.

Talking to Economic Times, Ganesh Natarajan, Vice Chairman and CEO, Zensar Technologies said, "The board has cleared the company's proposal to invest up to $80-100 million for a possible overseas acquisition. A New York-based merchant banker, as well as an Indian group, has been requisitioned to lend a helping hand. We are scouting around in the US and UK for the same."

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He also said that the company is open to the idea of acquiring a majority stake or a complete buyout of a firm with expertise in remote infrastructure management or offshore application support. "We are looking at an acquisition which would enable us to do more work offshore. With recession in Western markets bottoming out, and company valuations stabilising, we feel it is a good time to cherry-pick," added Natarajan.

Also, the company is all set to open its third centre in Bhubaneswar as part of the company's expansion plans in the east. Over 1,500 professionals will be able to work in the new facility. "Over the next 2-3 years, we are looking to build another 3,000 seats across existing locations. While the Pune centre will expand by 2,000 seats to 5,000, Hyderabad will have an additional 1,000 seats to 1,500. We intend to go for 500 fresh recruits and another 300 laterals," said Natarajan.