| An IEL team is currently in Europe scanning 7-8 companies in this regard. |
| "Our target is to become a billion dollar company by 2012. So we need to go for inorganic growth. The plan is to acquire two companies this year. Besides, we would like to go for Nasdaq listing by 2009-10 and make a large acquisition during that time," IEL chairman and managing director, BVR Mohan Reddy, told Business Standard. |
| IEL is a global IT services company which provides engineering design services and geographic information services to manufacturing, aerospace, transportation, telecom, utilities and government customers worldwide. It currently employees over 5,500 professionals across 25 global locations. |
| Stating that IEL was looking for acquisitions both in Europe and the US, Reddy said it had zeroed in on a company for acquisition but backed out three days ago "when we found that there is a small surprise in the accounting standards. We are looking at companies that will best fit into the IEL culture. If it has to be great acquisition, we feel that two plus two should be 22 and not four as in the case of mathematical terms." |
| Reddy says the geospatial market in India and West Asia is estimated at Rs 1,000 crore and is expected to see a 12 per cent growth rate over the next five years. The Union government's Open Map Policy and Survey of India's large-scale mapping initiatives are unlocking geospatial opportunities in various areas in India. |
| During 2006-07, IEL posted a turnover Rs 542.25 crore and a net profit of Rs 83.66 crore. To overcome the problem of rupee appreciation against dollar, he said, IEL was hedging nearly 50 per cent of its revenues. The company was also thinking about increasing its billing rates by 3-3.5 per cent particularly for its new clients. |
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