India's leading utility-vehicle maker is closing in on the acquisition of a European components maker, according to a report today.

Reuters has reported that the components arm of Mahindra & Mahindra will make the purchase.

"It will be firmed up in the next few days," Hemant Luthra, president of Mahindra Systems & Technologies (MSAT) told Reuters.
"We are looking at overseas acquisitions of the size $300-400 million, which will give us access to technology and customer bases ... this will be smaller," he said.

Luthra added that there were other targets in the US. However he said: "We are intimidated by the prospects for U.S. Tier 1 OEMs (original equipment manufacturers), given the difficult conditions in the local market."