Revealing this at a press conference on its globalisation strategy here today, Rajendra S Pawar, managing director, said the upper limit for the acquisition would be $ 100 million.

Ruling out an Amercian Depository Receipt (ADR) issue, he said NIIT would consider issuing convertible debt, stock, or opt for long term loans to fund the acquisition. "We can take advantage of US prices and back it up with production facilities in India and China," Pawar said.

The company has shortlisted 15 firms as likely targets. It is also considering a couple more recommended by investment bankers, he added.

The deviation from the `organic growth process to go' and `buy opportunity' has been prompted by the eagerness to cash in on the arbitrage opportunity of providing services at indian costs, but charging internationalprices to customers, Pawar said while putting the acquisition plan in perspective.

``We can take advantage of us prices and back it up with production facilities in India and China given the ability to develop systems offshore,'' he said. NIIT has built up delivery potential far in excess of the capacity to actually tap the markets, he informed.

NIIT global revenues were up by 51 per cent to Rs 648 crore from last year's Rs 430 crore, while the net profits were up by 60 per cent. ``Given the current economic scenario, we will have to work much harder and become more innovative to maintain our record,'' he said.

Pawar said they have not fixed any number on revenue beyond a certain time. He said that they will try to maintain a growth rate of 35 per cent per annum.