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