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Our Bureau

Mumbai , Nov. 15

Core Projects and Technologies Ltd (CPTL) on Tuesday said its Rs 56-crore Foreign Currency Convertible Bonds (FCCBs) issue has been fully subscribed and may get listed on the Singapore Stock Exchange.

With this issue, and internal resources, the company has put together a kitty of about Rs 100 crore, which it plans to utilise to acquire companies in the US and UK.

CPTL has identified five likely target companies for the acquisitions, of which two are based in the UK and three in the US. The company plans to complete the acquisition latest by the middle of December 2006.

The expansion of the Offshore Development Centre at Navi Mumbai is expected to be complete by December 2008, said Mr Sanjeev Mansotra, Chairman and Managing Director of the Company.

"With an investment of about Rs 5 crore in this expansion, the capacity of the ODC (Offshore Development Centre) will go up by about 200 seats," he said.

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