Mindtree to acqure an semiconduct design company

Bangalore, Feb 3: Mindtree consulting, a 100 million dollar midsized Indian IT services and R and D Company has commenced due dilligence to acquire a semiconduct design company of India to enhance its offering.

Mindtree consulting Chairman and Managing Director Ashok Soota told newsmen here that the company had already commenced due dillegence on the company it proposed to acquire. He declined to comment further following the Initial Public Offer of Mindtree opening on February nine, offering 5.59 million shares in the Rs.365 to Rs.425 price band for a Rs 10 share to raise capital for its Special Economic Zone coming up in Chennai and to shed some of its loans.

The 100 per cent book building IPO scheduled to close on February 14 would be of the size of Rs.204.2 crore at low end and Rs 238 crore at high end of the price structure.

Mr Soota said that compared to other IT success stories in the country, Mindtree got its first 100 million dollar revenue in six years and currently employed over 4000 people. Apart from Chennai, it planned to have special Economic Zones in Bhubaneswar and Bangalore.

All the three SEZ were in notified area and was out of the controversies over agricultural land being allotted to SEZs, he added.

Mr Soota said two of the former acquisitions had helped the company to expand its businesses inorganically and the growth pattern would persist with mergers and acquisitions to enhance the product and services portfolio.

UNI