Elecon Engineering plans acquisitions in Europe, US

It plans to acquire an engineering company either in Western Europe or the US.

"Our intention is to have an external network outside India and we are looking at Western Europe and US. The acquisition would be made in the engineering sector," said Prayashwin Patel, chairman and managing director of Elecon Engineering Ltd.

Elecon is looking at acquiring a company with a turnover of around Rs 400 crore ($100 million), he added.

The company has a turnover of over Rs 1,000 crore with 14 branches across India.

It has a presence in China, West Asia, Australia, South Africa and Southeast Asia, including Malaysia, and Singapore. The group is one of the leading players in power transmission products, material handling equipment and mining equipment.

With its new business initiatives, the company expects to clock a turnover of Rs 1,400 crore in the fiscal 2008-09.

Apart from the engineering sector, Elecon is looking at new areas of business. It recently diversified into the hospitality sector with its group company