Bharat Forge, the world's second largest auto component maker, plans overseas acquisition. It has started looking at facilities in North America, China and Europe for the proposed acquisition.
Amit B Kalyani, executive director, said the company would invest over $75 million for foreign acquisition.
Another $100 million will be utilised for expansion in India as well as low cost region like East European countries. The company would also invest nearly $100 million for opportunistic expansions.
Bharat Forge has recently raised $220 million through GDR and FCCB and $ 54 million through rights issue and external commercial borrowing.
Bharat Forge has recorded a net profit of Rs 48.4 crore (Rs 484 million) for the fourth quarter ended March 2005, a 33.7 per cent growth over Rs 36.2 crore (Rs 362 million) for the previous corresponding quarter.
Total revenue grew by 50.85 per cent to Rs 363.4 crore (Rs 3.63 billion) for the fourth quarter ended March 2005 compared to Rs 240.9 crore (Rs 2.41 billion) for the previous corresponding period.
For the year ended March 2005, Bharat Forge achieved net profit of Rs 161.6 crore (Rs 1.62 billion), a growth of 29.4 per cent from Rs 124.9 crore (Rs 1.25 billion), a year ago.
The company's total revenue stood at Rs 1,226.5 crore (Rs 12.27 billion) for the year ended March 31, 2005, a growth of 44.1 per cent over a revenue of Rs 851.2 crore (Rs 8.51 billion), year ago.
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