Wayne Burt Group, promoted by the US and European private equity funds, today said it is in the process of acquiring two companies engaged in petrochemicals and power sectors as part of its proposal to invest USD 100-150 million in next two-three years in the country.
"Primarily they (the two companies) are into petrochemical and power plant business. The revenue of each company is about Rs 1,000 crore. One company is located in West India and other power plant company in South." Wayne Burt Capital President and CEO T G S Mahesh told reporters here.
Since the company was yet to complete the agreement, Mahesh declined to reveal the names of companies.
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According to him, the company engaged in coal based power plant, has about 160MW of capacity in Southern region and post the acquisition Wayne Burt would hold the majority stake in it.
The acquisition of two companies was part of the company's plan of investing USD 100-150 million in the country in next two-three years. "We are looking at about USD 100-150 million investments in India in next two three years.", he said.
On the outlook for Cetex Petrochemicals one of the companies promoted by Wayne Burt Capital, Mahesh said the Cetex Petrochemicals was expected to register turnover of Rs 300 crore by March 2015.
"We are looking at Rs 400 crore outlay in 24 months. Cetex Petrochemicals currently has capacity of 20,000 tonne per annum (of Methyl Ethyl Ketone (MEK) and Secondary Butyl Alcohol (SBA). Through the acquisition of Shell Chemicals, USA, we will have another 50,000 tonne capacity.", he said.
"We are also looking at expanding our third unit (at Chennai facility) which would also provide another capacity of 10,000 tonne per annum taking the total to 80,000 TPA", he said.
