Considering the huge potential for engineering sector in Europe and the US, Elecon wants its presence in those countries. "Our intention is to have external network outside India and we are looking for acquisitions in Western Europe and the US. The acquisition would be made in engineering sector," said Prayashwin Patel, CMD, Elecon Engineering.
Though Elecon has not zeroed in on any specific company so far, it would go for acquiring a company having a turnover of around Rs 400 crore ($100 million), he added. When asked about the size of the acquisition, he said that it will depend on the size and the performance of the company.
Elecon has a turnover of more than Rs 1,000 crore. Also, the company has significant presence in China, Middle East, Australia, South Africa and South East Asia, including Malaysia, Singapore. The company expects to clock a turnover of Rs 1,400 crore in the FY09.
