Avnet eyes India for growth

US-based $15 billion electronic components and technology solutions company, Avnet Inc, is eyeing Indian market for growth.

The company, which entered India in 1999 by acquiring Max Electronics, said it would look at both organic and inorganic routes.

In India, Avnet operates through its electronic components division Avnet Electronics Marketing. Semiconductors account for a majority of the company's sales.

Avnet Electronics marketing has 80 employees in India and last fiscal recorded a turnover of $100 million. The growth in India has surpassed the company's growth in other markets. The company's Asian business is growing at 15-20 per cent.

"Five or six years ago, Asia accounted for only 5 per cent of our business. This fiscal, Asia may contribute about 30 per cent to our business," company's president Harley Feldberg said.

According to him, India is becoming the company's fastest-growing market. "A lot of global manufacturing is moving to India and there is indigenous growth, like the boom in cellphones. This is fuelling our growth too," he said. The company is looking for acquisitions in India.