Exide plans acquisition in Germany
Exide Industries Ltd is looking at acquisition opportunities in Germany to strengthen its presence in the European market, while it would invest between Rs 100 crore to Rs 120 crore to augment capacities of five units in India.
KOLKATA: Exide Industries Ltd is looking at acquisition opportunities in Germany to strengthen its presence in the European market, while it would invest between Rs 100 crore to Rs 120 crore to augment capacities of five units in India.
"We are looking at Germany, but things haven't shaped up yet," Exide Executive Chairman S B Ganguly said on the sidelines of the company's annual general meeting.
Exide officials said that the company was looking at opportunities in the both automotive and industrial sectors.
There were many German companies up for sale due to high labour cost and the Indian storage battery major was scouting for a suitable one to serve the European market better, they said.
The company might seal a deal within this fiscal, the officials hoped. Evaluation was being done by the company and the structure of acquisition such as wholly-owned subsidiary or joint venture was yet to be decided.
Currently, Exide has a subsidiary in the UK – Espex Batteries Ltd - which it said was performing well, but turnover remained insignificant.
Along with UK, it has subsidiaries in Singapore and Sri Lanka.
Ganguly said the company would expand its Singapore operation for export operations to markets like Japan, but did not furnish the details including the level of investment.
The company would also invest between Rs 100-120 crore during the current fiscal to expand capacities of the five units in the country. The Haldia facility would get special focus in terms of investment for a new export-oriented plant.
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