Exide to strengthen its presence in European market

Kolkata, Jul 21 (UNI) 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 have not shaped up yet,'' Executive Chairman of Exide 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. The company was doing evaluation 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 was performing well. But turnover remained insignificant. Along with UK, the company has subsidiaries in Singapore and Sri Lanka,'' he said.

Mr Ganguly said that the company would expand its Singapore operations 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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