Infotech for more buys on shareholders' pressure
Tuesday, 16 March 2010
CHENNAI/ HYDERABAD, Mar 15(Business Standard): Infotech Enterprises Limited, a Hyderabad-based technology solutions provider offering engineering and geographic information services, will pursue acquisitions aggressively on account of shareholders' pressure.
"We are careful about value buying. There are a couple of transactions that we are working on and our shareholders are putting a lot of pressure on us. They say the 4 per cent or 4.5 per cent returns that we are getting on the money we have in the bank are not satisfactory. Therefore, we have decided to embark on a much more aggressive acquisition strategy," said Infotech chairman and managing director BVR Mohan Reddy.
Reddy was speaking to mediapersons on the sidelines of Information Technology and Services Industry Association of Andhra Pradesh (ITsAP)'s two-day software products showcase and awards event that kicked off here Friday.
"We currently have Rs 4000 million on our books and are accumulating roughly Rs 400 million every quarter.
"We are careful about value buying. There are a couple of transactions that we are working on and our shareholders are putting a lot of pressure on us. They say the 4 per cent or 4.5 per cent returns that we are getting on the money we have in the bank are not satisfactory. Therefore, we have decided to embark on a much more aggressive acquisition strategy," said Infotech chairman and managing director BVR Mohan Reddy.
Reddy was speaking to mediapersons on the sidelines of Information Technology and Services Industry Association of Andhra Pradesh (ITsAP)'s two-day software products showcase and awards event that kicked off here Friday.
"We currently have Rs 4000 million on our books and are accumulating roughly Rs 400 million every quarter.