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iGate Solutions' growth plans

By Our Special Correspondent

CHENNAI, JAN. 22. An appreciating rupee against the dollar, availability of cheap debt funds and pick-up in internal generation are holding up a decision on further dilution of the promoter's stake in iGate Global Solution.

Stating this at an informal interaction with presspersons here on Thursday after the inauguration of its second facility here, Phaneesh Murthy, Chief Executive Officer, admitted that he would ideally like enough free float of the stock in the marketplace. "The promoters feel that iGate Solution is a winning stock. They are confident that the value will go up. Hence, they have no immediate need to dilute their stake," he added.

To a question, he said, "There is nothing wrong in debt per se. iGate Solutions has a debt of $10 million. These days we can get debt at LIBOR (London Inter-Bank Offered Rate) plus 2.5 per cent. Further, the rupee is also appreciating against the dollar. That also helps us," he said.

Fielding a range of questions, Mr. Murthy said the company had set itself a target of acquiring eight Fortune 1000 clients every quarter. "We have done it in December 2004 quarter. We need to repeat this for another at least four consecutive quarters," he pointed out.

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