Date:13/05/2005 URL: http://www.thehindubusinessline.com/2005/05/13/stories/2005051301540200.htm

Back Havell's looking for aquisitions

Our Bureau

New Delhi , May 12

HAVELL'S India Pvt Ltd, the power distribution equipment company, plans to open offices in Nigeria, Kenya, Sri Lanka and Indonesia this fiscal. The company is also looking for acquisitions within and outside the country, apart from undertaking a capital expenditure of Rs 35 crore in 2005-06.

"The company aims to double its export earnings this financial year from Rs 48 crore registered in 2004-05. We also plan to open four new offices this year outside India," said the Director, Mr Amit Gupta.

The company is looking to cross the Rs 900-crore turnover mark in the current fiscal, 40 per cent up from last year.

"We are aggressively looking for acquisitions both within and outside the country. Within India, we are looking at adding new products to our present portfolio. Outside, we would be keen on expanding our distribution network. We may acquire a brand in another country and shift the manufacturing to India since it does not make sense to have manufacturing units there anymore," said Mr Gupta declining to divulge any further details.

The company started a new MCB (miniature circuit breaker) plant at Baddi, Himachal Pradesh, with an investment of Rs 17 crore. "We would be increasing the capacity from 18 million MCBs to 30 million MCBs," said Mr Gupta.