Tulip IT Services, a New Delhi-based data communication and software services firm, having raised $150 million via foreign convertible currency bonds (FCCB), has earmarked around $40 million (Rs 160 crore) for a acquisition. | |
| It plans to acquire a company in the US having managed services capability. |
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| Further, the company has set aside $60 million (around Rs 240 crore) for expanding its network, around $20 million (Rs 80 crore) for setting up data centres and an equal amount will be invested in the statewide area networks (SWAN) project. |
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| Tulip is setting up data centres in Mumbai, Bangalore, Chennai and Hyderabad. The first, in Delhi, is already operating. |
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| "We are yet to finalise the target for acquisition but I think the time is right for acquisitions with valuations coming down in the US," said H S Bedi, CMD, Tulip IT Services. |
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| He also said that Nokia will be using Tulip's services for its wireless village project to provide mobile telecom services to rural areas in the Asia Pacific region. |
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