Larsen & Toubro, the country's biggest engineering company, is open to spending as much as $1 billion on acquisitions for its software-services unit as the subsidiary prepares for an Initial Public Offering.
Buying companies will help L&T Infotech build scale and compete with larger rivals, R Shankar Raman, L&T's Mumbai-based chief financial officer, said in an interview. The company might spend between $100 million and $1 billion, he said, without being more specific.