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EGM okays HCL plans

Our Bureau

NEW DELHI, Feb. 25

IN a bid to tap the booming Internet revolution in the country, HCL Infosystems Ltd has decided to set up a 100 per cent subsidiary that will spearhead its ISP venture. It will invest Rs. 125 crores in the new venture which will be funded through the pri vate placement of its shares. The decision was taken at the company's extraordinary general meeting on Friday.

Significantly, HCL will also be raising another Rs. 400 crores for which it has taken the empowering resolution from its shareholders. This amount will be used to fund the acquisitions.

HCL is seeking to acquire a company in the US to establish its presence in the software and services area. It is looking at a US company as it will help it provide better solutions to its corporate partners. ``We want to be big players in software and se rvices,'' a company official told Business Line.

A decision on the exact route through which the Rs. 400 crores will be raised is yet to be taken. It could be through ADRs or through the public, admitted a company official.