HCL Perot Systems, a joint venture between HCL Technologies and Perot Systems, has made an equity investment of US $ three million in US-based Internet company IXL Inc. “HCL Perot has picked up one million equity shares of US-based IXL Inc which focuses on Internet, for a consideration of US $ three million,” Vineet Nayyar, CEO of HCL Perot told PTI in New Delhi.

Following the move, HCL Perot would hold about one per cent stake in IXL, and have Nayyar as one of the board members. IXL Inc, with its revenues pegged at about US $ 350 million, has global clients including British Airways, Virgin, General Electric, and Coca-Cola amongst others.
In addition to the equity participation, HCL has also forged a business relationship with IXL for implementing a US $ 65 million contract for integration of front and back end service for the latter. The order would be executed over a period of three years, he added. HCL Perot had earlier announced its plans to go public in December, 2001, and had said it was looking at acquisition of it companies overseas primarily for gaining market access.

The company had also announced its Rs 230 crore expansion plans for setting up additional software facilities in Noida, Bangalore, Chandigarh and Hyderabad. Bureau Report