India It service sector major, Infosys Ltd is planning to acquire a Swiss business-consulting company called, Lodestone Holding AG under a deal valued at about $350 million or 330 million Swiss francs.

The acquisition of Lodestone will be the Indian company’s biggest acquisition ever. It is a part of the company’s efforts to boost its consulting-services business as rivals reduce margins in the outsourcing sector. Infosys had announced plans in the previous year to transform itself into a business consultancy firm from a technology service provider.

Chief Executive S. D. Shibulal said in a statement that the company is aiming to expand its consulting and systems-integration business and that the acquisition of Lodestone is perfectly in line with the strategy. The new firm will help strengthen its consulting business in Europe and emerging markets like Latin America and Asia Pacific.

Lodestone, which offers advisory services on strategy and business-process-optimization solutions, employs 850 employees and has more than 200 clients in different sectors. Lodestone had earned revenue of 207 million Swiss francs during 2011. The takeover deal is likely to be completed by the end of October this year.