Chennai, Jan 24 : With the West facing economic recession, job losses happening and while the Indian economy is predicted to grow, "Back to Bharat" is gaining ground in the executive placement segment, said a top official of the human resource (HR) groups Ma Foi and the CIEL. He also said the CIEL is looking at five acquisitions in the HR space of which one of them is a listed company. "The CIEL HR Services is planning to raise Rs 200 crore - Rs 24 crore from private placement and Rs 176 crore from private equity funds. The funds will be used for acquisitions," K. Pandiarajan, Executive Chairperson and Director - Ma Foi Group & CIEL Group told media here. To a specific query he said one of the target companies is a listed entity with which discussions are on. The CIEL HR had acquired 76.33 per cent stake in Next Leap Career Solutions Private Limited (Brand name: Jombay). Pandiarajan also said CIEL HR plans to come out with a Rs 650 crore initial public offer (IPO) by the end of 2023. According to Pandiarajan, the 'Back to Bharat' trend is gaining ground in the executive placement segment. "People with research and development (R&D) background in the electric vehicle (EV) segment and those in hitech sectors are in good demand here," he said. According to Pandiarajan, CIEL HR will be creating an digital platform to onboard the unorganised players in the HR segment accounting for about 80 per cent of the Rs 1.45 lakh crore market. The 'uberisation' of the HR outfits will give the customer companies the comfort of legal compliance by the CIEL HR partners. /IANS