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|April 23, 1999||
NIIT names investment bankers for US acquisition
NIIT, a leading software and training company, has appointed Goldman Sachs and Kotak Mahindra as investment bankers for its acquisition of an United States-based software company.
The ICICI Group will be NIIT's financial advisor and will arrange for the acquisition, a company statement said today.
The take-over of the US company will be completed by the end of 1999, NIIT CEO Vijay K Thadani has said.
Asked if NIIT had firmed up plans for an American depository receipts issue and global listing, Rajendra S Pawar, founder and managing director of NIIT, said, ''We have no plans for an ADR issue now. For the acquisition, we have already tied up the requisite funds.''
For enhancing top management capability, NIIT has inducted Shrikant Inamdar as senior vice-president, software engineering business.
Inamdar was earlier managing director of Motorola's Australia software operations and has helped set up software facilities in Sydney and Adelaide. He was responsible for creating India's first SEI CMM Level 5 organisation as general manager of Motorola at Bangalore.
NIIT has been offering its software solutions in electronic commerce, net-centric computing, enterprise resource planning and systems integration in the US, Europe and Asia Pacific region through its subsidiaries.
NIIT has been mulling over an aggressive growth strategy that would significantly increase the size of operations and leverage its offshore software development facilities that have been operating at the Software Capability Maturity Model of Carnegie Mellon University's Software Engineering Institute, the statement claimed.
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