Financial Daily from THE HINDU group of publications
Tuesday, Jan 10, 2006
Financial Daily from THE HINDU group of publications Tuesday, Jan 10, 2006 |
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Corporate
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Mergers & Acquisitions Maini Precision eyeing overseas acquisitions Our Bureau
Mr Sudarshan K. Maini, Chairman, Maini Group of Industries, and Mr Gautam Maini, Managing Director, Maini Precision Products Pvt Ltd, at a press conference in Bangalore on Monday. — G.R.N. Somashekar
Bangalore , Jan. 9 MAINI Precision Products (MPP), the flagship company of the Maini Group, is eying overseas acquisitions as part of its future expansion strategy. The company, which is ramping up its operations here with an investment of Rs 18.5 crore, has earmarked 20 per cent of the space exclusively for aerospace components manufacture out of the total 1,00,000 sq. ft in the new facility. It expects its revenue from the aerospace components business alone to increase to Rs 75 crore in five years from Rs 1 crore. Addressing a conference here today, Mr Guatam Maini, Managing Director said MPP planned to utilise part of the $6.2-million funding it received recently from a Mauritius-based private equity to explore the acquisition opportunity. It would be looking at companies with sales assets of $10-20 million which could be relocated to its India facility. MPP, which manufactures precision machined components and assemblies for automotive, material handling and engineering industries, would be formally opening its new facility here tomorrow. The new facility has been funded from internal accruals of the company, while it has drawn about $1 million from the equity received from Ambadevi Mauritius Holding Ltd
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