Voltas considers acquisitions to accelerate growth

Tata Group firm Voltas is open to acquisitions in its electro-mechanical projects and services business with a view to accelerate growth, according to a senior company official.

"We are open to acquisitions to spur rapid growth in the business. If the right opportunity presents itself, we will take it," Voltas Executive Vice-President (Finance) and CFO M M Miyajiwala said.

The electro-mechanical projects and services business presently contributes around 55-60 per cent to the company's total revenues. The inorganic growth route is one way to grow rapidly, he said.

Voltas was open to acquiring companies in the domestic as well as overseas markets, he said. However, nothing has concretised as yet, he added.

The company booked orders worth Rs 1,000 crore in Q3FY08 in the segment. Its total order-book now stands at Rs 3,504.85 crore, up 44 per cent over the corresponding quarter last financial year.

On the issue of fund-raising, Miyajiwala said, "We have surplus cash and, hence, there is no need to raise funds for now."

"In our business, the last quarter is normally the best. We have done well so far and are confident of success in the last quarter which should boost our performance this financial year," he said.