An enabling resolution to raise the funds was obtained on June 28.

The promoters hold around 50% stake in Aqua Logistics and, according to sources, the company is looking at an equity dilution of about 15%.

The company, which is present in industries such as pharmaceuticals, retail, automobile, sports and events, plans to grow aggressively in the power and oil & gas industries.

“The acquisition in Indonesia will focus on the power vertical for the procurement of coal, Thailand will be for liquid gas, and acquisitions in Singapore, Russia and Vietnam will address the oil & gas industries,” Sayad said.

He said that initial discussions are on and the acquisitions would be completed in the next four months.

Aqua acquired 3 Hong Kong-based companies — CIT, TAG and AGI Logistics — through its wholly owned subsidiary, Aqua Logistics Hong Kong Ltd, and said the new acquisitions are likely to contribute around Rs 150 crore to topline and around Rs 8-10 crore to net profit.(Crore is the Indian unit of account for 10 million Rupees)

Aqua, which is being aggressive with acquisitions, had raised Rs 150 crore in its initial public offering. The IPO funds were used to acquire the Hong Kong-based companies to cater to the power and retail markets. The company also plans to use the IPO money to set up offices in the Middle East.

An analyst with a domestic research firm said these acquisitions will allow Aqua to increase its geographical presence and compete with multinationals.

“Further, companies in the developed markets are under pressure to lower their operational costs due to general business downturn, low margins and high employee costs.This gives Aqua an opportunity to move certain processes to India, which has lower operational costs,” the analyst said.

(DNA)