L&T Infotech looking at 3-4 acquisitions

By SiliconIndia   |   Thursday, 12 April 2007, 07:00 Hrs
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MUMBAI: L&T Infotech is actively looking to buy firms with revenues of $50 million or less in the banking and financial services segment in the coming months, the Economic Times reported on Thursday.

The software arm of engineering and construction firm Larsen & Toubro Ltd., L&T Infotech’s overall kitty for its acquisition could swell up to $150 million, the report said.

"We could do 3-4 acquisitions. We have come to the conclusion that we can swallow $25-50 million companies," Chief Executive V. Magapu was quoted.

He added that the company was looking at acquisitions in the banking and financial services space, boutique firms and software firms servicing telecoms operators.

Banking and financial services account for 25 percent of L&T Infotech's revenues, and the company is keen to get into the investment banking space.L&T Infotech is expected to get listed in fiscal 2008.

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