ITC TO PICK UP STAKES IN US-BASED FIRM

Kolkata
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Tobacco-to-paper giant ITC Ltd plans to acquire a US-based Information Technology firm, said a top company official here on Wednesday.

"We are talking to a US company and hope the deal will be sealed soon," said YC Deveshwar, company chairman, on the sidelines of the annual general meeting of the company.

He refused to discuss further details before the deal materialises. Regarding investment for the acquisition, he said it would be modest.

ITC already has a wholly owned IT subsidiary called ITC Infotech India Ltd, which has clients in sectors like financial services, retail, engineering, hospitality and media.

On the growth plan of the company in the current fiscal, Deveshwar said: "We are aggressively wanting to grow."

"We hope in the next few years all the cash surpluses, which we have got that gets used up. Our plans are aggressive enough to absorb all these cash into the future of the company," he added.