India's second largest software company Infosys Technologies is chasing new outsourcing deals worth between 50-200 million dollars each but the economic recession has slowed down their progress, published media reports have said.

A report published in the media quoted the company's chief financial officer V. Balakrishnan as saying that the speed at which such deals were finalized earlier has now slowed down because of the general environment.

A wire agency report said that while he confirmed that the company was pursuing as many as five to six large deals, the Infosys official was not forthcoming about details of these negotiations.

The company which designs supply chains and offers other back-office support services has been facing turmoil at the stock markets as investors are concerned about its growth potential in view of the fact that the United States accounts for more than half of its total revenues.

Gopalakrishnan was quoted as saying that the customers were more cautious and want to hold on to cash. He however denied that the company was facing any threats from existing projects being cancelled by wary customers.

The company, which is now looking to enhance its presence in Europe and even locally in India, only sees some postponement of project plans at the client end. "If they were doing ten projects ealier, there are only three-four now," Gopalakrishnan was quoted as saying in the article published in the Hindu Businessline.