Outsource Offshore specialises in health care transaction processing, data capture solutions and IT-enabled offshoring services. It has over 300 employees on its rolls.

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"We have signed a deal to acquire Outsource Offshore Inc," a Godrej group executive said. The company, however, declined to furnish any details.

The acquisition strengthens the group's presence in health care. The group has been operating in this area through Godrej Remote Services. This arm was merged with Cbay Systems, following which the Godrej group holds around 12 per cent in Cbay Systems.

Not only does the acquisition beef up the group's presence in the IT industry, it also strengthens its global base. Outsource Offshore has its global operations centre in Chennai.

The slowdown in the fast-moving consumer goods industry and the need to capitalise on the IT boom has prompted the group's foray into the sector.

The group has been acquiring controlling as well as non-controlling stakes in several IT companies.

Apart from Cbay Systems, the group has interests in Geometric Software Solutions, Godrej Upstream, Compass Connections, KarRox Technologies and Personalitree Academy. The group has identified Godrej Industries as the vehicle for new economy businesses.