Power equipment supplier Bharat Heavy Electricals Ltd has set an ambitious target to increase earnings from exports six-fold to Rs 8,000 crore in the next four years.
"We are targeting our exports to touch Rs 8,000 crore mark by the end of the current plan (2007-2012) period," Bhel Chairman and Managing Director K Ravi Kumar told PTI.
To support its endeavour to increase presence in the international market, Bhel is also looking at acquiring companies abroad mainly to augment technological skills. The target countries are Europe and the US, he said, admitting that the company was in talks with some firms.
He, however, declined to give details about the foreign companies saying they are bound by non-disclosure agreement.
Asked about the areas in which Bhel is looking for acquisitions, the CMD said overseas acquisition will be in the areas of transportation equipment and fans and the company is in talks with a couple of firms abroad.
"Our success record is very poor in this segment, but if we can acquire some companies, we may use their technology for manufacturing in our domestic facilities also," Ravi Kumar said.
He, however, admitted that Bhel's earlier model was not right. "We are planning to engage global consultants to advise us on such issues," he said.
It had earlier set aside Rs 10,000 crore for overseas acquisitions and a separate unit was also created within the company to oversee these operations but could not make any headway in the last two years.
