Rolta looking for $20-50 mln U.S. acquisitions in FY08

MUMBAI (Reuters) - Rolta India Ltd is looking for up to three U.S. acquisitions in the $20-$50 million range in the current fiscal, a senior official said on Monday.

It has earmarked around $100 million for acquisitions, Chief Financial Officer Hiranya Ashar told Reuters after announcing the quarter to September 2007 results.

"We are mostly looking at acquisitions in geospatial services and enterprise information services," he said.

In July Rolta acquired Orion Technology Inc to augment its geospatial services business.

At the end of September the company had cash reserves worth 6 billion rupees, Ashar said.

For the quarter to September Rolta's standalone net profit rose 53.3 percent to 613.9 million rupees, while net sales rose 47.3 percent to 1.93 billion rupees.

ENGINEERING GROWTH

Rolta is expecting to grow revenues and net profit 38 percent in 2007/08 with engineering services driving growth.