L&T Technology Services has bought Graphene Semiconductor Services for an all-cash deal of Rs 93 crore.

Amit Chadha, president and executive director of L&T Technology Services told CNBC-TV18, “Graphene, for us, more than a revenue play, is a capability or a niche acquisition. We have gone to the market and announced that we are looking to get to a billion dollars in revenues by FY21 and to get to that, we will need to expand our telecom and hi-tech footprint."

"Graphene brings with it a chip design capability, end-to-end, that will allow us to be able to expand that we already had,” he added.

"Graphene has had 57 percent CAGR over the last four years. We do expect that we will be able to do a lot more because we are bringing in specific capability that we have gone in for this acquisition,” said Chadha.

“We are largely an organic growth driven company and that is how we have been so far, we do expect to make one-two more acquisitions, may or may not happen in this financial year but we are looking at specific sectors and areas to see how we can augment that to scale up to the ambitions that we have got,” he said.

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First Published:Sept 7, 2018 9:42 AM IST