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Taco close to first overseas acquisition in Europe
By agencies
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Tuesday, 19 April 2005, 19:30 IST
NEW DELHI:In line with its desire to become a global player, Tata group company Tata AutoComp Systems Ltd (TACO) is close to acquiring a company in Europe, which would be its first acquisition outside India.
The company, which is eyeing to nearly treble its turnover to $1 billion by 2010, more than 50 percent of it coming from foreign markets, is on the lookout for acquiring small and medium-level companies in countries like the U.S. and Korea as well as the European region.
"We are in advanced stage of negotiation for acquiring a company in Europe and the deal is expected to be sealed in the next three months," Taco managing director D S Gupta said here.
He, however, refused to specify the area of operation of the company, which it was acquiring, and its size.
He said Taco was open to investing "as much as is required" when it found the right opportunity in terms of acquisition, mainly in companies engaged in electronics and interiors. "It can be a $50 million company or a $500 million. It has to suit our needs and requirements," he added.
The company, which is eyeing $500 million in turnover this fiscal against previous year's $360 million, currently has as many as 16 joint ventures manufacturing a range of automotive components at various locations in India. The partnerships, which involve both equity participation and technology flow, are with companies in the U.S., Europe, Japan and Korea.