Mumbai, Feb 27 :THE board of directors of the KK Birla Group company Chambal Fertilisers andChemicals Ltd have approved investment up to $3 million in the equitycapital of a US-based software company.The company has informed the Bombay Stock Exchange (BSE) that thenegotiations are under way and the deal whenever finalised will be informed.This may be considered as a major step to consolidate the company's strongposition in the IT sector, industry analysts said. Already, the IT arm ofthe company, India Software Group (ISG) is in operation at Chennai.
The company has also planned to cater to the domestic and internationalsoftware needs by establishing in other parts of India also.
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