Betting big on India’s potential, Swedish industrial group Alfa Laval on Friday said it has started work on its fourth manufacturing plant here and is looking for acquisitions.

“India is a very important market for us and we will keep on expanding our presence and strength in India. The Indian market is slightly subdued now due to slower economic growth, but has the potential at a far rapid pace,” Alfa Laval (India) Managing Director Jan Hedemann said here.

The company offers products and solutions based on its key technologies of heat exchangers, separators and fluid handling which find application in sectors such as pharma, bio-fuels, chemicals, crude oil, food and beverages.

It has three manufacturing plants in Maharashtra. The fourth plant is also set to be commissioned in the Western state by 2015. The company, however, did not disclose the investment it was making towards setting up of the plant.

Alfa Laval, which has been present in India since 1937, was earlier listed in the domestic bourses but it delisted last year. During 2011, it had clocked $200 million revenue in the country, and employs around 1,300 people.

Hedemann said that apart from the organic growth, it is eyeing inorganic expansion in India in areas that complement its existing areas of business.

“We have already started scouting for acquisitions and I believe, it will take at least one year from now to actualise a deal,” he said, adding that over and above the location, the prime mover for Alfa Laval to strike an acquisition would be the target firm’s technological expertise.

Alfa Laval (India) has three service centres located at Maharashtra, Andhra Pradesh and Haryana.

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