MM Venkatachalam, who spearheads the Rs 4,200-crore group’s IT initiatives told eFE, “We will be taking a cautious approach as far as our IT foray is concerned. Considering the dotcom burst and meltdowns, we would be doubly cautious in our initiatives. We don’t want to enter a sector where we are not cent per cent sure of success”.
He said that the group is currently looking at various opportunities available in the IT space and will zero in on specific areas by the end of current fiscal. However, the group is not seeking any outside assistance like that of consultants to chart its course. “The initiatives mainly would be in the area of IT services. But we will not get into call centre or medical transcription businesses,” Mr Venkatachalam said. He refused to shed further light on the group’s plan and said that the new intiatives would be in synergy with its existing businesses.
Murugappa Group had earlier said that it had identified financial services and information technology as the major drivers of growth in the coming years. Following this, group subsidiary Carborundum Universal Ltd acquired controlling stakes in two IT concerns.