Mumbai: Patni Computer Systems plans to expand its business in retail and utilities verticals and is mulling acquisitions in both, a senior company official said.

"We have a marginal presence in retail and are not that large in utilities. We are looking at acquisitions in both these verticals to grow rapidly," Patni's Chief Financial Officer (CFO), Surjeet Singh, told PTI here today. Funding any acquisition would not be a problem as the company had enough cash. "In case we need more, there will be no problem in raising the resources," he added.

Going forward, the company would continue to focus on its industry-focussed practices including insurance, financial services, manufacturing and telecommunications, he said. Singh also denied that any major promoter or promoters of the company would selling their stake. "There is no stake sale. The company and its major shareholders are not in discussions with any parties, financial or strategic, for a stake sale. They are committed to carry on the strategy of the company for its broad-based growth," Singh said.

The company's performance in Q3 FY 07 (period ended Spetember 30, 2007) has been encouraging, he said. The company clocked a revenue rise of Rs 11.7 per cent at Rs 673.5-crore as compared to the corresponding period of the previous fiscal.

Source : PTI