Auto component maker Ashok Minda Group today said it has completed the acquisition of German firm Aksys' plant located in Koengen to strengthen its foothold in the European markets.
The company which is targeting a turnover of Rs 6,000 crore by 2013-14, also plans to make a public offer within the next two years.
"This is our sixth acquisition in Europe which will further strengthen the company's presence there. Though I cannot disclose the deal size, the total value of Aksys' assets, installed capacity and turnover is estimated at euro 135 million," Group Chairman Ashok Minda told reporters here.
The group is also looking for more opportunities overseas for buy-outs, he added.
Aksys manufactures composite moulds and is one of the major suppliers to auto firms, including Daimler, VW Group, Renault and General Motors.
After the acquisition through an asset deal, the plant has been renamed as Minda Schenk Plastic Solutions, Plant Koengen.
On plans to go public, Minda said: "As we have achieved the scale required, we are in the process and should get listed in the next 18 months to two years."
The company is also looking at private equity placements. "We are talking to some people currently and it is at a preliminary stage," he said without giving details.
The group, which is targeting a turnover of Rs 2,500 crore this fiscal also said it plans to touch Rs 6,000 crore by 2013-14.
"To reach Rs 6,000 crore turnover, we will expand our existing capacities and acquire firms. For the current year, the company will invest Rs 1,000 crore,"
It owns and operates 25 plants in India and overseas, including Germany, Poland, Czech Republic, Indonesia, Vietnam and Uzbekistan to manufacture safety systems, driver information systems and telematics for two and four wheelers.
