With the view to diversify its business footprints in the international business arena, Hindustan Sanitaryware and Industries (HSIL) has announced that it is eyeing to acquire a company in Europe.

According to the sources, the proposed acquisition will be the company’s first ever overseas venture for which it has recognized three Europe-based conglomerates.

The sources further revealed that through the acquisition, the company is hoping to apply the innovative overseas technological development in the field of sanitary products in its domestic operations.

The company has also drawn its road map to foray into new export markets such as New Zealand, South America and Singapore which will boost their export business.

HSIL, which sells its products under the `Hindware` brand, has also decided to embark on capacity expansion program, by investing Rs 300 million, on increasing current production capacity at its Hyderabad plant during this year.