HCL Technologies eyes major acquisitions in US

19 September 2008

Mumbai: HCL Technologies, the country's fifth-largest IT firm, is pursuing an acquisition strategy in the US and has made an immediate provision of up to $2 billion for the buyout, CEO Vineet Nayar said.

The company has so far been looking at sub-$100 acquisitions, he said, adding, HCL would definitely make a big-ticket acquisition before 2011.

HCL, he said, is looking at acquisitions that would enable it access niche markets like continental Europe and Japan. He, however, refused to comment on Axon.

''We would go for a large $1-2 billion acquisition in the US or Europe anytime before 2011,'' Nayar said, adding, funding was not a problem for the company as HCL Technologies has close to $600 million in cash and no debt on its books.

HCL, meanwhile, has roped in consultancy firm Bain to identify growth areas and plans to focus on eight identified areas as it strives to be among the top three global vendors by 2011.

The growth areas identified include engineering services, enterprise application services, enterprise transformation services and infrastructure services.