INDIA BUSINESS WORLD - AUGUST (16th - 31st) 2007
The Month that was ...
BANGALORE BASED MAINI PRECISION BUYS AUSTRIAN CO FOR € 5M
MAINI Precision Products, the auto component arm of the Maini group, has acquired an Austrian company mec.com in an all-cash deal of € 5 million. Mec.com produces high end fuel ejection components and has two manufacturing bases in Europe.
"Post this acquisition, we will now be able to target OEMs directly. We also get access to mec.com's clients in the international markets," said Maini Precision Products managing director Gautam Maini. Mec.com had recorded revenues of € 12 million last year and is expected to see revenues touch € 18 million by the end of this year.
Post this acquisition, Maini Precision Products is looking at doubling its revenues to $65 million. "We are looking at increasing our domestic revenues from Rs 30 crore to Rs 50 crore by the end of this year. We also plan to scale up our export businesses," added Mr. Maini.
The company's focus continues to be the export markets. Maini Precision Products supplies to Tier-I suppliers like Volvo Powertrain, Siemens VDO, Bosch. The company has recently entered the aerospace business. "From Rs 100 crore revenues of last year, nearly Rs 75 crore came in from our auto businesses. However, we are continuously looking at opportunities for further acquisitions in both the auto and the aerospace businesses in Europe and US," said Mr. Maini.
Although, the company has no immediate plans of raising money, it could look at the possibility of going public in a few years. "We could now use debt to raise money for our acquisitions and expansion plans," Mr. Maini added.
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