NIIT mulls overseas acquisition

By agencies   |   Friday, 17 February 2006, 08:00 Hrs
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MUMBAI: NIIT Technologies today said it was considering an overseas acquisition, which could cost the company anything between $15-20 million.

“Yes. We are looking at an acquisition... in the insurance, travel and transport and retail space. We are in discussion with many and zeroed some options in the US and the UK," NIIT (Technology) CEO Arvind Thakur said.

The acquisition could be funded through external resources or through internal accruals depending on the timing of the acquisition, he added.

The company is also planning to spend around $22.7 million to set up a campus in Noida near New Delhi.

"The campus would have a seating capacity of 3000 in the first phase. Later, the capacity would be increased to 10,000," he said.

The first phase would be completed in 18 months by mid 2007 and the entire project would be funded through internal accruals.

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