A O Smith Corp explores acquisition opportunities in India

Global water technology company A O Smith Corporation is exploring acquisition opportunities in the country but has not been able to close a deal due to high price expectations of promoters.
"We have looked for acquisition opportunities in India..We will continue to evaluate opportunities but price expectation of sellers in India are very high and it does not make financial sense to acquire," A O Smith Corporation Chairman and CEO Ajita Rajendra told PTI.
A O Smith Corporation, which entered into water purification business after acquiring a Chinese company, said China and India are the two main future growth drivers.

"We have long terms growth targets from our India business and growth rates in India is significantly higher. We expect India business to grow in double digits. India is very important market for us and we will continue to invest here," Rajendra said.
However, at present, Indian market accounts for 1 per cent of the company's global turnover while China contributes 30 per cent.
A O Smith Corporation, which became the first water heater company from the US to enter India in 2008, has invested USD 75 million in India so far.
In May 2015, A O Smith Corporation appointed Parag Kulkarni as new managing director for India operations.

The company, which manufactures residential water heaters and recently launched a line of residential water treatment products for the Indian market, had reported turnover of over Rs 130 crore last year.