Mumbai-based Larsen &Toubro (L&T) Infotech, a part of the L&T group, plans to spend Rs 500-600 crore over the next three-four years in expanding its Bangalore, Chennai and Mumbai centers.The company also plans to hike its headcount to 20,000 by the end of 2010 from the current 7,200. To accommodate this growth, it inaugurated today a 1,900-seater software development centre at Mhape, Navi Mumbai.The company also launched its new logo as a part of its growth strategy.A M Naik, chairman and managing director, said, "L&T Infotech has been growing at a rate of 50% annually and expect to maintain the same." He also said that the company has a target of $1 billion (around Rs 4,100 crore) in revenue by the 2010 end.To achieve the revenue growth, the company is also evaluating an acquisition in the range of $50-200 million (about Rs 200-820 crore) in US, Europe and India. "We are on a look out, but the aim will be to acquire skill and intellectual property rather than get in the volumes game," added Naik.The focus of the company will be to grow its five verticals - manufacturing, BFSI, product engineering services and energy. Currently, BFSI and energy contribute 30% each to the revenues, while manufacturing has a share of 20-25%.Y M Deosthalee, CFO and member of the L&T board said, "IT services constitute 6% of the L&T group. Going ahead, we want the number to go up to 10%."The company is not looking to compete with the likes of TCS, Wipro and Infosys, but wants to place itself as a niche player.
