India's ITC Says Plans to Buy U.S. IT Firm

Source from:  sg.news.yahoo.com – Business Reuters - Thursday, July 31 08/11/2008

India's top cigarette firm, ITC Ltd plans to acquire a U.S.-based information technology firm, chairman Y.C. Deveshwar said at the annual shareholders meeting on Wednesday. "We are in talks with the company and hope it will materialise soon," Deveshwar said. The acquisition would be made through its technology unit, ITC Infotech, he said. He did not give further details. ITC, 31.7-percent owned by British American Tobacco Plc , also has interests in technology outsourcing, retail and packaging, and is expanding a range of foods and personal care products to cut its dependence on cigarettes. Enditem