NIIT to fork out $15-20 mn for overseas buys

Firm also plans to spend another Rs 100 cr to set up a new campus in Noida.

NIIT Technologies is scouting for acquisitions in the US and Europe to expand its operations, and is ready to shell out around $15-20 million if the software major shortlists a potential company.

The New Delhi-based firm is also planning to spend another Rs 100 crore, to be funded through internal accruals, to set up a new campus in greater Noida.

"We are looking for acquisitions in insurance, travel, transport and retail segments and are in advanced stages of negotiations with a couple of companies in the US and the UK. We have also zeroed in on certain options," NIIT Technologies CEO Arvind Thakur told reporters at a press conference organised on the sidelines of 'India Leadership Forum: Nasscom 2006' in the city today.

The buyout, for which the company is ready to fork out $15-20 million, would be funded through a combination of resources like internal accruals and borrowings among others.

The proposed Noida campus will have a seating capacity of 3,000 personnel in the first phase, to be completed by mid-2007. In the second phase, the capacity will be increased to 10,000.

NIIT Technologies has expanded its service offerings by launching its managed services business, for which it had appointed Satish Sayal as head.

The company expects to achieve $10 million revenues in two years from this division, which engages over 100 employees.

According to the Nasscom-McKinsey Study 2005, total market for IT infrastructure offshoring will be around $70-85 billion.