A senior official of India’s Birla Power Solutions Ltd. says the company is planning acquisitions worth up to 2 billion rupees (US$48.7 million) in battery, transformer, or hydropower sectors.
Birla Power, part of the diversified Yash Birla group, wants to move into allied high-growth areas, Group Finance Director P.V.R. Murthy said. It currently makes generators and power back-up products.
“Why set up a greenfield project when one is readily available?” he said. “We are in the final stages and should have clarity on the acquisition in about a month or two.”
The acquisition would be part of a restructuring exercise that would provide scale by merging group firms, selling non-core operations, and spending 10 billion rupees (US$243.6 million) on acquisition and expansion, Murthy said.
The Yash Birla group, which runs six listed and 14 unlisted firms, plans to float six holding firms that would operate in auto parts, power, textile, and lifestyle businesses.