Mr Torres toldThe Financial Express that to this end, the company was currently in talks with several firms in India. "We are looking at acquisition possibilities to have a faster growth in India. Currently, we are talking to many companies operating in various segments similar to us. We will zero in on certain firms by December," he said.

On the funding pattern, Mr Torres said, depending on the size of the acquisition, the company would take a decision on the funding pattern. "If it is going to be single or small acquisitions, the India office will fund it, while in terms of bigger and multiple acquisitions, we will be funded by our parent company, or it can even be a mix of both," he said.

Mr Torres said the company would embark on a brand-building and market penetration exercise in India. During calendar 2001, the company would invest over $1 million in its media campaign including television and newspaper advertisement and product sampling.

Birla 3M has already invested over $3 million to set up the first phase of its innovation centre for product development and R&D base in Bangalore. During calendar 2002-03, it would pump in another $4 million to fund the second phase of construction of the centre, he said.

According to him, the company would launch a series of new products under segments including industrial, healthcare, communication, electronic, comsumer products, home care, telecom, dental & medical and traffic controls. The new launches would include industrial tapes & adhesives besides telecom cables and surgery tapes.Till end-2001, Birla 3M is targeting to post a turnover of $60 million ($41 million during last y ear) to reach $100 million by 2003. The US-based 3M Corporation holds 76 per cent in the company, 19 per cent is held by the public while Birla holds 5 per cent.