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Technology Stocks : Satyam Infoway Ltd-(Nasdaq:SIFY) -- Ignore unavailable to you. Want to Upgrade?

To: Mohan Marette who wrote (884)	2/25/2000 10:40:00 PM
From: Mohan Marette	Read Replies (1) \| Respond to of 1471

OT HCL InfoSystems keeps Rs 400 cr ($88 mil) for US acquisitions hclinfosystems.com (Saturday, February 26, 2000) Our Corporate Bureau in New Delhi HCL Infosystems, the city-based infotech company, has set aside Rs 400 crore ($88 mil) for acquiring companies in the United States and Europe. It is also planning to set up a new Internet subsidiary in India. The acquisitions of the company, it is learnt, will be completed in this year. It is also looking for one or two companies in the size of about $40 million. The extraordinary general meeting (EGM) of the company which was held in New Delhi yesterday ratified this and also allowed the company to raise Rs 125 crore through preferential allotment of shares/ warrants/ FCDs/ PCDs or any other financial instrument. The company has already appointed about 6 consultants to identify the overseas companies to be acquired. As per the acquisition plans of the company, it is looking for a entities with proven market strength and customer base so that HCL Infosystems can outsource the businesses of the acquired company into India. The new Internet subsidiary in India will exploit the high-growth opportunities in access, networking and e-commerce areas and raise funds for expansion in ISP infrastructure, e-commerce and value-added network services. "The new economy of e-commerce and dotcoms is the third IT revolution, after hardware and software. Our proficiency in creation of new markets will turn the new Internet subsidiary into a successful one. It will address emerging needs of organisations to be globally competitive in the Internet economy," said Ajay Chowdhry, chairman, HCL Infosystems. The shareholders also approved the company's plans to introduce an employees stock option plan (Esop), which will cover 15 per cent of the employees. For the quarter ended December 31, 1999, the company reported a 61 per cent increase in net profit before tax, up from Rs 14.9 crore to Rs 24 crore. Profit before non-operating income grew to Rs 19.2 crore from Rs 4.8 crore, an increase of 29 per cent over the corresponding period previous year. HCL Infosystems has direct customer services centers at 143 locations and state-of-the-art manufacturing facilities and has four overseas entities in the US, Europe, Singapore and Malaysia.