Mastek To Mop Up Rs 150 Cr For Expansion In Insurance

Mumbai: Mumbai-based IT company Mastek plans to mobilize around Rs 150 crore ($30 million) through the issue of overseas convertible bonds, external commercial borrowings or any other securities. The company plans to use the funds for acquisitions and expansion of existing subsidiaries. The company is looking for acquisitions in the insurance space and in companies that are addressing the government vertical. Mastek wants to acquire such firms which will provide them skill and access to the huge e-governance market in the US. While the company wants to increase its revenue shares from these two regions, it is also keenly looking for specific state government led projects in the domestic market. For FY07, the company''s revenues were Rs 810 crore ($184 mn). It has close to 3,400 employees and has presence in the UK, Japan, South East Asia and the US.