MICO managing director Andreas Nobis told The Financial Express that the company is interested in third round of buy back of its own shares, provided adequate funds are available.

"I do not see any reason why Bosch will not be willing to go for future buy backs," Mr Nobis said.

However, Mr Nobis ruled out any fresh buy-back of its shares before the annual general meeting, where it will be seeking permission from its shareholders. He said that I do not see any reason shareholders not approving the resolution as it works in their favour.

The company has already completed two rounds of buy-back of its shares and in fact, the second round was completed just a few days ago and the company used its free reserves to the tune of Rs 76 crore to return some of the surplus cash to its shareholders.

Post second-buy back of shares, Bosch group's stake in the Indian arm, MICO has gone up to 56.9 per cent and the balance is held mainly by public. There is no other major stake holder in the company's equity. The company has an equity of Rs 38.05 crore divided into 38 lakh equity shares of Rs 100 face value.

MICO is expected to close the year 2000 with a turnover of $350 million (over Rs 1,600 crore) against Rs 1510 crore in 1999, Mr Nobis said. In the first six months, MICO reported a turnover of Rs 806 crore with a net profit of Rs 89.58 crore. MICO's board is expected to meet in the last week of March to take up the annual results.

Mr Norbis said that the company expects a 10 per cent growth in revenues in the current year. Currently, MICO's exports are around 15 per cent of the revenues. The company is exploring new markets for starters and generators, Mr Nobis said.