L&T Info to delay IPO on US recession

L&T Infotech, the information technology arm of Larsen & Toubro, may delay its initial public offer if the US economy slips into recession, Vijay K Magapu, chief executive, said.

"We are in the IPO zone, but we have to watch for new developments, US recession," Magapu said.

The company had earlier said it aims to raise $300 million (Rs 1,200 crore) through an IPO. However, today Magapu said, "We have no pressing reason to go for an IPO now." L&T Infotech sees 40-45 per cent revenue growth for 2007-08 (April-March), he said.

Magapu was talking on the sidelines of the Nasscom India leadership forum 2008 held here today.