HSIL Limited, the flagship company of Somany Group and the largest Indian manufacturer of sanitaryware products, is looking at overseas acquisitions in the building products segment and has earmarked Rs 250 crore in the current fiscal for the purpose.
The company will soon announce an acquisition in Western Europe, said Sandip Somany, joint managing director, adding talks in this regard are in the final stage.
Speaking to Business Standard, he said companies in Western Europe mainly in Italy, Germany and France, would be acquired for enhancing production and marketing in overseas markets .
The company is targeting to double its turnover to Rs 1,000 crore by 2010 and has projected Rs 2,000 crore by fiscal 2014. It is also planning to expand its product portfolio by introducing 125 new products in the current year.
The new glass manufacturing facility near Hyderabad with an investment of Rs 250 crore has commenced production with an installed capacity of 0.8 billion bottles per year. The capacity of Bibinagar sanitaryware plant will be increased to 22,000 tonne per year from the current 18,000 tonne.
He also said the company had embarked on an expansion plan in the retail segment with an investment of Rs 300 crore. HSIL will open two types of exclusive retail outlets, EVOK large format stores and Hindware Lacasa brand stores, in the current year.