Infrastructure firm VA Tech Wabag, which made a good debut on the bourses today, plans to acquire companies across the geographies it is operating in.
"We are open to acquisitions in any of our target markets," the company Managing Director Rajiv Mittal told reporters at the NSE after the company's listing.
"We are a global company and as long as they (acquisition targets) are in the geographical areas where the company is concentrating, we can look at them," he said.
Va Tech Wabag operates across India, China, North Africa, the Middle-East, central and eastern Europe and south-east Asia.
The company is looking at acquiring firms in the technology domain as well as the fastest-growing markets, Mittal said, adding that "we will definitely go after acquiring those companies, which help us in adding to our technology portfolio as well as in our growth."
VA Tech Wabag has surplus surplus (strategic cash), which it intends to use for acquisitions and also future growth, he said.
The Chennai-based company listed on the Bombay Stock Exchange at Rs 1,655, which is 26.33 per cent higher than its issue price of 1,310. Thereafter, it touched Rs 1,735.50 within minutes of trading. On the NSE, the scrip surged 14.50 per cent higher at Rs 1,500.
Va Tach Wabag currently has 157 patented technologies while 51 more are under registration, he said.
Mittal said that the emerging markets have seen a growth of over 25 per cent and that Va Tech is well-positioned to corner a good share of this growth.
Responding to a question on whether ICICI, one of the equity holders in the company, was looking to exit post the offer, Mittal said, "As of now, I don't think they (ICICI) have any compulsion to immediately exit. At least not to my knowledge."
He, however, added that ICICI had diluted its equity by 10 per cent.
"These are private equities and they have a life to their fund," he said, adding, "But over a period of time, I'm sure they would (exit). I am sure whatever they do, they will take (VA Tech Wabag's) management into confidence."
