Frankfurt: Bilfinger Berger is planning further takeovers in Asia after entering the Indian market in November by buying industrial services provider Neo Structo, the German builder’s chief executive said.
photo: Bloomberg
“For the time until 2016 we have made India our priority,” Roland Koch told Reuters in an interview.
Bilfinger Berger, Germany’s No.2 builder after Hochtief , has earmarked more than €1 billion ($1.3 billion) for acquisitions as part of a five-year plan to grow its output volume to €11-12 billion by 2016, from an estimated 8.2 billion in 2011.
Koch said there were no plans to enter the Chinese market at this time, though.
“We cannot do everything at once and conquer the Chinese market in parallel to India,” he said.
Koch said he expected that Bilfinger Berger to reach its goal of posting a 9% rise in 2011 earnings before interest and tax (Ebit) to €350 million. The company is due to publish its full-year results on 13 February.