Time not right for ADR issue: Narayana Murthy

Software major Infosys Technologies Ltd is not pursuing its American Depository Receipt plans, as it feels the time is not conducive for another offshore listing and would opt for a "wait and watch" approach.

"The industry is bogged down by a host of issues, ranging from the global slowdown to cut in client visits and hence we feel this is not the right time to go ahead with the ADR issue," Infosys Technologies Ltd chairman and chief mentor N R Narayana Murthy told reporters in Mumbai on Monday.

However, Murthy said Infosys would pursue its ADS plans when the time is right and added the regulator would be informed first as per the mandatory requirements.

Meanwhile, on the L-1 visa issue, Murthy said the industry is in talks with Commerce and Industries Minister Arun Jaitley and also with the decision-makers in the United States. 

"We feel that the US is an enlightened country and it wouldn't be difficult to sort the issue out", he said.

On exports taking place on euro, the chairman admitted that the difference between euro and dollar is a main concern for software exporters. "On trade on euro and dollar levels, there is difference of two to three rupees", he admitted, adding Infosys was working on this front.

On the scrapping of Article 107, Murthy said this was in line with the global practices and reiterated his stance of not reducing his stake in the company. Murthy holds around five per cent stake in Infosys.