Avnet, the $16 billion global electronics marketing and technology company is scouting for design and product firms in India for strategic acquisitions and expanding its presence in the subcontinent.

"With India emerging as the fastest growing market in Asia for us, we are on the lookout for small and medium design and product firms that would complement our components and add value to our customers' requirements," Avent's electronics marketing president Harley Feldberg told IANS.

With global OEMs and EMS providers making a beeline for India to grab a share of the bigger pie of the burgeoning telecom, consumer, automotive and industrial sectors, Avnet is betting on the domestic market for consolidating its presence and sustaining growth momentum.

"We are seeing a paradigm shift in the global electronics market, with record growth in the Asia-Pacific region, led by China and India. Apart from local consumption in India and China growing at rapid levels and beckoning global players to set shop, the availability of a huge talent pool in chip-design, product development, engineering services have made India a global destination for cost-effective outsourcing and off-shoring," Feldberg pointed out.

To capitalise on its market leadership in distribution and in providing technology solutions, the subsidiary is set to double its design engineers team in Bangalore and the country sales force for training and support services to its growing customer base.

The subsidiary has also tied with independent design houses to develop projects in specialised area or vertical markets such as network solutions, consumer electronics, audio and visual products and digital graphics.

IANS