Bloomberg reported that Tube Investments of India Ltd plans to buy companies locally or overseas by the end of March to benefit from spending on infrastructure in the world’s second fastest growing economy.
Mr L Ramkumar MD of Tube Investments said that “We are looking at companies that have technologies we do not have. The growth in infrastructure will require some chains, tubes, boilers, those kinds of things.”
Mr Ramkumar said that “The budget for acquisitions will be known when we decide. We have scope for leverage without fuss. We are looking at options in all areas.”
But he declined to said that whether Tube Investments is in negotiations to buy any companies.
He added that “It is going to be more of the non-auto sector that will drive growth. Auto companies want more for less all the time. Over the next two to three years, we’d like to reduce it by 10% to 15%.”
(Sourced from http://www.steelguru.com/news/index/2009/09/24/MTEzMTc1/Tube_Investments_plans_to_acquire_companies_overseas.html)
Thursday, September 24, 2009
Tube Investments plans to acquire companies overseas
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