Heidelberg ProMinent plans to tap oil sector
Heidelberg ProMinent Fluid Controls India, a wholly-owned subsidiary of the German company ProMinent Group, is planning to acquire a company in India. "We plan to tap the oil and gas sector in India where we see huge potential, as a part of our expansion plans in India," said Viktor Dulger, Chairman of the ProMinent Group. "For application in the oil and gas industry, dosing pumps should have API 675 norms which our current range does not have. Hence, we are looking at acquiring a company having this capability. The acquisition could be in the range of Rs 15 crore to Rs 20 crore," he said. The Indian operations have been growing at 15 per cent to 20 per cent over the last few years. Heidelberg ProMinent, which has a turnover of Rs 40 crore, posted a net profit of about Rs 7 crore last fiscal.