Business Daily from THE HINDU group of publications
Monday, Nov 20, 2006
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Business Daily from THE HINDU group of publications Monday, Nov 20, 2006 ePaper |
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Corporate
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Overseas Borrowings Info-Tech - Outlook QuEST plans to raise $20 m overseas Vishwanath Kulkarni
Bangalore , Nov 19 Engineering services firm QuEST proposes to raise about $20 million (about Rs 90 crore) from overseas markets to fund its growth. QuEST recently forayed into aerospace component making through a wholly owned subsidiary. The Founder and CEO, Mr Ajit Prabhu, said that the company was looking at listing its shares on the Alternative Investment Market (AIM), the London Stock Exchange's international market for smaller growing companies, to raise some $20 million."We are gearing up in terms of people and processes for the listing, which will happen over 12-18 months."
The listing proceeds would be utilised for a manufacturing facility in Bangalore, where the company intends to invest $25 million over five years, he said. The company currently derives less than 10 per cent of its revenues from manufacturing. The subsidiary, QuEST Machining and Manufacturing, recently signed a 10-year deal with Canada-based Magellan Aerospace Corporation to supply landing gear parts for Boeing's 747, 777 and 787 programmes. The order is worth $5 million. QuEST, which counts General Electric, Rolls Royce and Smiths Aerospace among its clientele, has doubled its revenues in past two years to $40 million. It expects to double it in next two years. GE, the company's largest client, accounts for 26 per cent of revenues. QuEST is currently scouting for potential buy-outs overseas in the embedded systems and product lifecycle management solutions space. "We are looking to acquire firms in size of around $10 million and have short-listed a couple of them."
More Stories on : Overseas Borrowings | Outlook | Automobile Components
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