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Engineering services firm QuEST proposes to raise about
$20 million (about Rs 90 crore) from overseas markets to
fund its growth.
QuEST recently forayed into aerospace component making
through a wholly owned subsidiary.
The Founder and CEO, Mr Ajit Prabhu, said that the company
was looking at listing its shares on the Alternative
Investment Market (AIM), the London Stock Exchange's
international market for smaller growing companies, to
raise some $20 million. "We are gearing up in terms of
people and processes for the listing, which will happen
over 12-18 months."
The listing proceeds would be utilised for a manufacturing
facility in Bangalore, where the company intends to invest
$25 million over five years, he said.
The company currently derives less than 10 per cent of its
revenues from manufacturing.
The subsidiary, QuEST Machining and Manufacturing,
recently signed a 10-year deal with Canada-based Magellan
Aerospace Corporation to supply landing gear parts for
Boeing's 747, 777 and 787 programmes. The order is worth
$5 million.
QuEST, which counts General Electric, Rolls Royce and
Smiths Aerospace among its clientele, has doubled its
revenues in past two years to $40 million.
It expects to double it in next two years. GE, the
company's largest client, accounts for 26 per cent of
revenues.
QuEST is currently scouting for potential buy-outs
overseas in the embedded systems and product lifecycle
management solutions space.
"We are looking to acquire firms in size of around $10
million and have short-listed a couple of them."
For direct access to this news article, click the link
below
http://www.thehindubusinessline.com/2006/11/20/stories/2006112001450200.htm
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