Japan's Murata Manufacturing eyes acquisitions exceeding 100 billion yen ($665 million) to fuel growth, CEO Norio Nakajima said Thursday. The smartphone component supplier is exploring opportunities in inductors and sensors, with potential overseas targets to strengthen market share and enter new sectors.

"We aim for significant expansion within the next three years," Nakajima told Reuters at the company's Kyoto headquarters.

Murata's three-year plan through March 2028 includes 220 billion yen in strategic investments, including mergers and acquisitions. However, the company has yet to meet its investment targets under the current medium-term plan.

Additionally, Murata plans 680 billion yen in capital expenditure over the next three years to scale up production in Japan and Thailand. The company also announced this week that it will lease a factory in India to prepare for future manufacturing operations there.