Term loans arranged to fund the scheme
Plans to tap marketTo open more branches
NEW DELHI: Cambridge Technology Enterprises Limited (CTEL), a business transformation solutions and comprehensive service-oriented architecture (SOA)-based solutions service provider, has announced its plan to invest Rs. 31 crore for its four-pronged expansion plans envisaging acquisitions in India and abroad besides setting up of new ones and strengthening the existing innovation and competency centres, including the one in the MIT campus in Cambridge, Massachusetts, U.S.
The company plans to strengthen one of its centres in the United States where also it is looking for acquisitions of establishments, which have strong synergies with niche area of its operations. Briefing media persons here on Wednesday, Bhaskar Panigrahi, CEO of the Hyderabad-based company, said that apart from time and efforts, SOA solutions help cut down operational costs on IT operations and services.
For part funding the expansion, the company had already tied up term loans. It will be tapping the capital market with its maiden public offering to raise Rs. 24 crore by the year-end.
CTEL's Chief Financial Officer, Y. Ramesh Reddy, said the company would invest Rs. 15.50 crore for acquisition of companies, which have strong capabilities in Oracle technology besides spending around Rs. 4 crore for expanding its Hyderabad facility.
Mr. Reddy said plans were afoot to open branches in more cities in India and to increase the existing headcount.