Infosys Ltd (INFO) are looking to spend $500 million on acquiring European business. The Indian computer-service provider walked away from a $645 million deal in 2008 to secure UK based Axon Group and are now looking again to expand their portfolio.

With research suggesting that Europe will experience slow technology spending in 2012, the investment of Indian based companies will be welcomed.

Chandrashekar Kakal, head of Infosys global IT services, said in an interview: “We do have cash, but we are looking for a company which adds to our capability and becomes complementary to our growth rather than becoming a laggard.”