One of India’s key private sector companies the ITC Limited is all geared up to takeover a United States technology firm, revealed the Chairman of the company Y C Deveshwar during the 97th annual general meeting. This acquisition will be made through the technology subsidiary of ITC Ltd, ITC Infotech. 

‘We are in talks with the company and hope to finalize the deal soon,’ said Y C Deveshwar. He thereafter added that ITC Infotech was showing decent progress and that it will soon also concentrate on the European market. Mr Deveshwar underscored that the company is seeking other takeovers too and that it is just awaiting apposite targets.  

‘We are constantly looking for acquisitions, but we should get the right target,’ he stated. One learns that the ITC plans to invest extra cash-in-hand into fresh assets. In the past two years, it has spent Rs 4000 Crore on fixed assets. The ITC Company made it clear that the returns on its investments may take some time to come.

Y C Deveshwar explained that the growth of the cigarettes business was facing a hitch due to restrictive regulatory environment, which is what basically spurred them to diversify into FMCG and other businesses. ITC, therefore, planned to focus on other aspects of growth.