RPT-Infotech Enterprises to acquire 3 firms by March

(Repeats story issued on Monday) (Recasts, adds details, quotes)

NEW DELHI, Sept 22 (Reuters) - Software services firm Infotech Enterprises (INFE.BO: Quote, Profile, Research) plans to buy three firms by March and has set aside 3 billion rupees for the acquisitions, its chairman said on Monday.

Infotech got 92 percent of its 6.74 billion rupees revenue in 2007/08 by providing engineering design and information technology services to aerospace, automotive, telecom, utilities and government sector in Europe and North America.

"Valuations have come down and there is very little money in the world," B.V.R. Mohan Reddy told a news conference on the launch of firm's new facility in Noida.

The Hyderabad-based company is currently conducting due diligence to acquire a European firm in auto engineering segment and will buy two more companies in the next quarter, Reddy said.

"Our acquisitions will be targeted around $20 million. We cannot be a smaller company than that," he said.

Infotech acquired California-based Time to Market Inc, a chip design and verification services company, earlier in September and said it will pursue other acquisitions in high tech domain.

Reddy said Infotech, which counts AT&T (T.N: Quote, Profile, Research), BT Group (BT.L: Quote, Profile, Research) and Boeing (BA.N: Quote, Profile, Research) as clients, plans to invest 1.60 billion rupees in the current financial year to expand facilities in India.

"We have already invested 300 million rupees. The remaining amount will be invested by March."