PTI

New Delhi: Auto components manufacturer NK Minda Group is planning to invest up to Rs1,000 crore in the next two to three years for expanding its current business and acquisitions in overseas market.

The group is aiming a turnover of Rs3,000 crore by 2010-11 as it looks for acquiring two companies in European and US markets.

“We will invest up to Rs1,000 crore in the next two to three years in expanding our business through both organic and inorganic routes,” group company Minda Industries Ltd Chairman and Managing Director Nirmal K Minda told PTI on the sidelines of ACMA annual convention.

It would invest Rs500 crore each in expanding its current business in India and acquisitions in overseas market.

“We are currently talking to two to three companies in Europe and the US for acquiring them,” Minda said.

Declining to divulge further details, he added: “The companies which are on our radar would be in the same product line where we are operating.”

“We are looking to acquire two companies, the deal is expected to be finalised in the next three to four months,” he added.

On the source of funding, he said that it would be a mix of debt and equity. The company had clocked a turnover of Rs 1,000 crore last fiscal.

“We are aiming to achieve the turnover of Rs1,400 crore in the current fiscal, which is expected to cross Rs3,000 crore by 2010-11,” Minda said.

The company manufactures horns, switches lights, CNG and LPG kits among other components.

“We are planning to enter into manufacturing some new components to expand our product portfolio,” he noted without giving any details.

The company currently has 19 manufacturing facilities in the country and one in Indonesia. It is currently constructing another unit in Vietnam in partnership with Ashok Minda Group.