Will Indian IT/ITES sector witness a wave of M&A?

I was reading an article about a BPO of a foreign company (US-based Spectrum Global Fund Administration) which was closed owing to rising Ruppe/Dollar exchange rate. Given the rising Rupee/Dollar exchange rate and large dependence of Indian IT/ITES sector on US (especially smaller companies), one can think that they may not sustain their business in long run.

This may lead to a wave of mergers and acquisitions in the IT sector. I am not only talking about the companies who are dependent on US because the most attractive targets will be the companies who have lesser dependence on US. The rational being an opportunity for larger companies to diversify and expand easily in other markets.

I believe that KPO segment may especially witness a large number of acquisitions between it is not only a growing industry but also a large proportion ofrevenues comes from Europe.