Indian Software Company, Polaris Software Labs has said that it is planning to take over the Indian assets of an US company, Catalytic Software.

The information was given by two of the sources while talking to ET and who did not wished to be named.

They said that Polaris is looking forward to own the real estate and neither the business nor the employees of Catalytic will be involved in it. It is currently in the process of winding up its business which is in Hyderabad.

The sources said that Polaris is going ahead with the deal so that it can have a prime land in Srikakulam, which is close to the airport.

It is estimated that Polaris will be paying rupees 50 crore for it and the deal will be done within a few weeks.

No comments were made by the company in this respect.

Polaris currently has 9,000 employees and is going to hire 2,000 more. It also plans to expand its business in Hyderabad.

Analysts believe that by acquiring land in the city, Polaris will not only have a huge real estate base with it and will also be getting tax benefits due to it.