ITC Infotech to acquire US IT company

ITC Infotech the software arm of  tobacco and hospitality major ITC Limited is in the process of acquiring a US-based information technology firm.

ITC Infotech is engaged acros industry verticals including banking, financial services and insurance, manufacturing, consumer packaged goods and retail, travel, hospitality and transportation.

Answering media queries after the 97th shareholder AGM of the company in Kolkata, ITC chairman Y C Deveshwar yesterday said. that the company was in the process of sealing the deal.

Without disclosing the identity of US company, Deveshwar dislosed that it was not a large IT firm, but operated in the same segment as ITC Infotech.

On other acquisitions,  Deveshwar said, ITC was always looking at opportunities in those business areas where it had a presence.

While expressing satisfaction on the performance of ITC Infotech, he said, the Europe-focussed compny was making "good progress".

Deveshwar said Rs4,000 crore had been invested in various sectors and would lead to new asset the creation in the next few years.

He also said strategic investments such as the one with East India Hotels and Ballarpur Industries, would continue.