MindTree Limited, a global IT and R&D Services Company has informed that it has raised about Rs 100-crore loans from HSBC and Citibank on a long-term basis to meet its operational expenses and capital expenditure.

Last year, MindTree had borrowed Rs 80 crore from HSBC Bank for opening a branch in the city. Including the recent loans, the company has a loan burden of about Rs 180 crore.  

The company intends to use the funds for its expansion plans, which include opening up a campus in Chennai to accommodate about 3,000 people.  

The latest deal comes in the wake of the company setting aside its Rs 200-crore cash reserves towards the acquisition of Aztecsoft. Recently, the company has acquired land for a special economic zone (SEZ) in Whitefield in Bangalore to open its third facility in the city.  

Besides, the company has also acquired about 17 acres for a campus in Bhubaneswar, which is expected to be complete by the end of this fiscal. At present, the company is also exploring opportunities for acquisitions in India and Europe and will consider it at an appropriate time.

The company has posted net loss of Rs 13 crore for the quarter ended June 30, 2008 as against a net profit of Rs 20.62 crore recorded in the corresponding quarter of the previous fiscal. However, the revenue of the company went up by 38% to Rs 223 crore in the quarter.   

Currently, the US contributes about 61% and APAC region, excluding Japan, contributes about 15% to MindTree's consolidated revenue.