Indo Asian Fusegear plans to buy European firm

MUMBAI: Electrical equipment manufacturer Indo Asian Fusegear on Friday said it plans to acquire a European switchgear and lighting products making firm, the cost of which could be around Rs 60-70 crore.

"We are in talks with a couple of companies in Germany and Britain for acquisition. We want to get a good product and a good brand through the acquisition. The deal value would be around Rs 60-70 crore," Indo Asian Fusegear's Joint Managing Director P K Ranade said here.

The deal should be struck by the current year itself, he said but did not elaborate any further. The company has so far no overseas presence, but had generated around 20 per cent of its total revenue of Rs 220 crore last fiscal.

"We have a target to clock a sales turnover of Rs 500 crore by next fiscal. The export revenue should be around Rs 100-120 crore," Ranade said. By the end of the current fiscal, company's revenue should be around Rs 300 crore, he said.

Indo Asian is setting up three manufacturing plants in India, including one with a British joint venture partner. It has four switchgear plants, three CFL plants; one modular plate switches plant and a wires & cables plant in India.

Ranade said the company is also interested to go for acquisition domestically. "In the domestic market we are looking for a transformer manufacturing company," he added.