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Meinhardt to invest over Rs 100 cr in India

Meinhardt to invest over Rs 100 cr in India
PTI
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First Published: Wed, Sep 14 2011. 05 30 PM IST
Updated: Wed, Sep 14 2011. 05 30 PM IST
New Delhi: Singapore-headquartered Meinhardt Group, an engineering consultancy services provider, on Wednesday, said it plans to invest over Rs 100 crore, within a year, in India, to acquire firms and enhance its presence.
“We have over 400 engineers and architects in our offices in Delhi and Chennai. We plan to double the headcount and start operating from three other cities. A couple of acquisitions are also on the cards. All these will require over Rs 100 crore,” Meinhardt Group International Global chief executive officer (CEO) S. Nasim told the news agency here.
The group, which has operations in 35 countries and had handled projects worth $15 billion last year, started its Indian operations in 2004 and it now has over 400 engineers and architects on board.
The Indian subsidiary contributed over Rs 50 crore to the group’s total revenue of Rs 1,000 crore last year. In 2004, it acquired Eigen Technical Services, a consultancy firm.
Nasim said Meinhardt now plans to have its presence in Kolkata, Mumbai and in a southern city within a year.
It has initiated talks to acquire a couple of consultancy firms, which are engaged in water supply and sewerage space. “We are currently talking to a company in south and also one in Delhi in the water supply and sewerage space. The deals are likely to be signed within a year. The cost of acquisitions might be more than Rs 50 crore,” he said declining to divulge the names of the firms.
Stating that Meinhardt would fund the entire Rs 100 crore investment from internal accruals, he said the company could be listed on the domestic bourses within three years, by when Meinhardt is expected to double its revenue from India.
Globally, Meinhardt Group’s target is to double the revenue in the next three years, Nasim said.
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First Published: Wed, Sep 14 2011. 05 30 PM IST