Key developments for HEWLETT-PACKARD CO (HPQ) IBM Eyeing Captive BPO Arm Of HP, Bank Of America; Seeking Acquisitions Worth $900 Million 01/18/2010 CNBC-TV18 reported, quoting sources that IBM India Private Limited is scouting for acquisition with a war chest of $900 million. CNBC-TV18 learnt from sources that IBM India currently has about $1.2 billion - $1.6 billion of cash. Sources close to the development said it is aggressively seeking acquisitions especially after the Sun and Oracle merger and the competition it faces in countries like China and India, which has increased. It will be utilizing about $900 million for acquisitions alone in the next one or two years, which would happen from 2010 to 2012. Two acquisitions could well be in progress. One would be a $200 million - $300 million for which sources said they have identified captive BPO arms of Hewlett-Packard Company and Bank of America Corp. The second one could be slightly larger of about $600 million, which will be for an IT services company. The remaining amount of the investment will be used in infrastructure and extensive hardware and software product development. IBM India however refused to comment on the matter.