One of the leading Indian IT sector giants, Infosys is looking to make an acquisition worth up to $700 million, according to Executive Co-Chairman Kris Gopalakrishnan.

The company is looking to acquire an entity in the fields of healthcare and life science, where it does not have strong presence. It is looking for firms that have developed sound platforms or maintain a strong presence in the fields.

"Typically, the size we are looking for is up to 10 percent of our revenues so today our revenues are projected to be about $7 billion so up to $700 million," said Gopalakrishnan.

He said that the acquisition is aimed at speeding growth but with a strategic point of view. He further said that the company is trying to fill in the gaps in sectors. The Indian IT companies face a major long term challenge as foreign companies increase their workforce in India. They also face other challenges such as their dependence on the slowing economies of the US and Europe, visa issues, rising wages in India and foreign exchange fluctuations.

Gopalakrishnan noted that the crisis in the Eurozone has resulted a fall in company’s revenue growth this year to 17-19 percent from 18-20 percent. The Bangalore-based company is among the three major IT companies in the country that are expected to maintain growth in the coming years, according to S&P.

Standard & Poor’s (S&P) analysts have said in a latest report that Indian IT sector majors including Tata Consultancy Services, Infosys and Wipro are expected to grow in double digits in the coming few years, ahead of industry average.

The report read that the risks related to business and reputation are rising because of rising protectionism, “but the three largest Indian IT companies are expected to adapt to the challenges, as they have in the past.”