Thursday, July 28, 2005

Oracle plans to buy Citbank's share in i-flex

After having courted IBM, i-flex has finally drawn Oracle's attention for a strategic investment. The US software brand is said to be focussing on Citibank's 44% stake in i-flex. Oracle is all set to invest Rs 3,000 crore for investing into buying out a majority holding in i-flex. It is expcted that major software brand Oracle would end up owning i-flex solutions entirely, in next 12 to 18 months. The 5,000-strong i-flex posted a turnover of Rs 1,139 crore and a net profit of Rs 232 crore during fiscal 2004-05. Year-on-year, its revenues have been growing over 30%. On Tuesday, i-flex scrip closed at Rs 880.85 on the Bombay Stock Exchange (BSE), showing a loss of Rs 28.40 (3.12%). The 30-share BSE sensitive index gained 47 points to close at 7,552.77.