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Autocop IPO by year end

Written by: Staff
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New Delhi, Mar 23 (UNI) Automotive electronics major Autocop (India) Pvt Ltd today said it is planning to raise Rs 200 crore through an initital public offer (IPO).

''We are looking to raise Rs 200 crore through the IPO to fund our growth and expansion plans,'' Autocop (India) President and CEO Umesh Deshpande told reporters here.

The IPO would hit the market by the end of this year for which we have already initiated the groundwork, he said.

The company during the last fiscal clocked a turnover of 200 million dollars from its worldwide operations.

The company aims to grow by 15 per cent to earn a net revenue of 230 million dollar during financial year 2005-06.

Autocop, which forged marketing and distribution tie up with Japan's Pioneer today, global leader in car entertainment, is targetting Rs 1,000 crore business from the alliance in the next five years.

The company is also talking to its Japanese partner to float a seperate subsidiary for activities related to sales and marketing.

Nashik-based Autocop Group is into car security systems, power windows, reverse warning systems and mechanical gear locks. Apart from this, the company is also eyeing navigation systems used in GPS.

UNI SR SD KN1452

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