HCL Technologies has announced on Friday that the phase of cost cutting measures is over. The Indian IT major had announced a range of measures to reduce costs due to the global economic downturn.

HCL has assured its customers that the company will help them redesign their business. The company helped its customers in the US and Europe to reduce their business costs during the economic slowdown.

Vineet Nayar, Chief Executive Officer of the company said, "The phase of cost reduction is over and the name of the game is to change and transform the business."

HCL has grown from an IT garage start-up to a $5-billion technology company with 55,000 employees. The company has changed it business focus and will now focus on enterprise application and engineering services.

HCL would now help their customers redesign their business for example by enabling them to use digital technology with the help of engineering tools.

Mr. Nayar said HCL would continue to grow both by its natural expansion and also by new acquisitions. However he said that HCL did not believe in acquiring companies facing less priced assets due to slowdown.

The company has acquired four firms including Axon, in 2009 and continues to look for new acquisitions with value. Mr. Nayar did not give company outlook. He said that experts believe that the global IT budget would mostly grow moderately or stay flat in the year.