M&M eyes acquisitions in India, abroad

Outlining expansion plans through the inorganic route, Mahindra & Mahindra on Thursday said the company was in the process of acquisition of three companies in India and two abroad.

"Three acquisitions are underway in India and another two abroad," M&M vice-chairman and managing director Anand Mahindra said at the Tenth Asia Pacific Automotive Industry Roundtable.

He said one of the entity being pursued overseas was a forging company. "It is not a very large one," he said.

Mahindra, however, refused to divulge further details on the plans.

Justifying acquisitions abroad, he said it not only gave the company a "front-end" in overseas markets but also helped in getting technology and marketing channels.

He said the utility vehicles and tractor company, which has recently announced a joint venture with International Trucks and Engine Corporation for manufacturing trucks and buses, was also looking at higher sales in foreign markets.

On the company's tie-up with French auto company Renault for manufacture of mid-size 'Logan' in India, Mahindra said it was a 'platform-driven joint venture.'

"Mahindra-Renault is a project for one special goal," he said, and pointed out that it fulfilled the 'strategic objectives' of both companies.