Indian tech giants share secrets of their shopping lists

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Indian technology companies are on the acquisition trail – and looking for British IT businesses to help them gain a foothold in Europe, according to advisers Clearwater Corporate Finance.

A delegation from Clearwater has arrived in India to meet some of the country’s leading tech businesses and assess their requirements.

It follows the £441m bid for British IT services business Axon by the Indian company HCL Technologies which topped the £407m rival bid from Infosys, another Indian company and one of the world’s biggest outsourcing companies.

The Clearwater team, which landed in Bangalore on Monday, will also visit Mumbai during the week-long trip and hold discussions with Infosys, Wipro, TCS, Mindtree and Patni amongst others.

Clearwater’s technology analyst Emma Leathley says: “Over the past couple of years we have heard repeated assertions that Indian technology businesses were on their way over to the UK but the mass landing has so far failed to materialise. We have seen big acquisitions in pharmaceuticals, automotive and steel but not in the technology sector.

“All that is about to change. Prices have returned to more realistic levels and Indian companies are keen to take advantage of this to acquire British IT firms that can expand in the European market in line with their long-term growth plans. The HCL Technologies deal could be the first of many.”