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Our Bureau

Will use its Rs 600-crore reserve to fund proposed buy-outs

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Mumbai Feb. 9 Continuing with its aggressive buy-out strategy, i-flex solutions Ltd is looking to acquire private wealth management products in Europe and the Far East, said CEO and CFO-India Operations, Mr Deepak Ghaisas, here on Friday.

Speaking to Business Line on the sidelines of the Nasscom India Leadership Summit, Mr Ghaisas said the company intends to use the robust cash reserves of Rs 600 crore to fund its proposed buy-outs. "We are looking at acquisitions in continental Europe and China to broaden our product portfolio," said Mr Ghaisas. However, he did not disclose further details.

i-flex Solutions recently acquired the operational risk product of Capco for an undisclosed sum. The company had also recently acquired Mantas Inc, a provider of anti-money laundering solution in an all-cash transaction of $122.6 million (Rs 551.7 crore)

The company is in the process of setting up new software development facilities totalling 17 lakh square feet in Mumbai, Pune and Bangalore at a capital outlay of Rs 200 crore, said Mr Ghaisas. The i-flex scrip lost 1.25 per cent at the BSE on Friday to close at 1947.6.

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