Infosys Ltd, India's No.2 software services exporter, is looking for acquisitions worth up to $700 million, Infosys' Executive Co-Chairman Kris Gopalakrishnan said on Thursday.

India's IT sector, which feeds off increased outsourcing by companies looking to cut costs, is expected to face pricing pressure and a decline in new orders as Europe struggles with a debt crisis and the United States battles an economic slowdown.

Infosys and its local rivals also face stiff competition from global players including IBM and Accenture for large outsourcing deals from global corporations.