India’s leading private sector Company ITC Ltd revealed its plans to take over US-based Information Technology firm, with the help of its technology unit ITC Infotech.

Commenting on the plans, Mr. Y.C. Deveshwar, chairman of ITC Ltd said, “We are talking to a US company and hope the deal will be sealed soon.”

The board members of the company did not divulge further details of the proposed plan.

ITC Ltd, with having business footprints in Cigarettes, Hotels, Paperboards & Specialty Papers, Packaging, Agri-Business, Packaged Foods & Confectionery and Information Technology, is planning to invest into new assets.

The company is working robustly for building new businesses of the future and to compete with the needs of growing economy.

Briefed about copmny’s plans, Mr. Y.C. Deveshwar stated that ITC Ltd also sets its eyes to set up greenfield paper project either in Madhya Pradesh or in Andhra Pradesh.

The profit of the company during the last fiscal stood at Rs.31.20 billion.

The maximum revenue of the company fetches from its tobacco business.

Earlier, ITC had picked up 14.92 percent stake in East India Hotels that competes with its hotel arm.