Birla Power looking to acquire medium-sized companies

Mumbai, Aug 2 (UNI) Yash Birla group company Birla Power Solutions Limited (BPSL) may acquire medium-sized players engaged in related sectors.

BPSL, which clocked a turnover of nearly Rs 250 crore in last fiscal, may acquire companies having an average turnover of Rs 100-150 crore producing transformers, batteries and hydro power, said Group Finance Director P V R Moorthy while speaking to reporters.

''We are looking for suitable players for an acquisition mainly to boost up the manufacture of transformers, batteries and generators.

Options are also on for a tie-up in hydro power segment,'' Mr Murthy said.

The group has plans to acquire companies in life-style and wellness and education sectors. According to sources, acquisitions are likely to take place in the current financial year itself.

The acquisitions will be funded through the issue of Foreign Currency Convertible Bonds (FCCBs) and private equity module, Mr Murthy said.

BPSL is the first company in India to manufacture portable generators and has expertise in the production of 2-stroke and 4-stroke engines.

The company, which is presently producing a wide range of generators from 500 W to 5.5 KW, has a domestic market share of around 32 per cent in generator production.

UNI