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Saturday, March 25, 2006

Autocop plans to raise Rs 200cr from IPO

Autocop group, a car security and electronic accessories maker, has said that it was looking to raise about Rs 200 crore (Rs 2 billion) through an IPO in the capital markets, reports The Hindu Business Line.

It is also considering a joint venture with Pioneer, the leading global car audio system maker, to market its products in the country.

"Considering our business and the different partners we have in India, we need funds for our operations. We are looking at an initial public offer to raise around Rs 200 crore (Rs 2 billion)," Umesh Deshpande, Managing Director, said.

Meanwhile, Autocop yesterday signed a distribution, marketing, and service support agreement with the Singapore-based Pioneer Electronics for car audio systems.

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