CK Birla Group company, National Engineering Industries (NEI), said on Monday that its foreign acquisition plans are in advanced stages with the company in talks with 5-6 firms for a buyout.
“We are increasing our focus on international markets. We are looking at some European and American companies that we can acquire and have been engaging with 5-6 firms. Besides the acquisition plan, NEI is also pushing its exports,” said Mr Rohit Saboo, President and CEO, NEI.
The automotive and industrial bearings maker is also setting up a fourth plant in India and enhancing capacity at existing facilities, for which it will be investing up to Rs 700 crore over a five year period. For the new plant, it is conducting “due diligence” in three States – Gujarat, Rajasthan and Karnataka.
“At present, we export bearings worth Rs 75 crore to 20 countries and are entering new geographies such as South America. We target to double our current annual turnover in the next four years. In 2010-11 fiscal, the company had a turnover of Rs 1,051 crore,” he said.
NEI has manufacturing facilities in Jaipur, Newai and Manesar and exports to over 20 countries in five continents. The client portfolio includes Hero MotoCorp, Maruti Suzuki, Tata Motors, Mahindra & Mahindra, Daimler AG, Bajaj Auto and Honda Motorcycles & Scooters India.