M&M looking for acquisitions in US, Europe

Mumbai: Mahindra and Mahindra is scouting for acquisitions in overseas markets for forgings, design and engineering software solutions.

The company is also looking at establishing its base in emerging markets such as China and Africa, aiming to scale the billion-dollar turnover mark by 2010 in its auto component business.

"We are looking at a billion dollar turnover by 2010, which is currently at $800 million. We are also looking at $1 billion market capitalisation as early as possible as against current market cap of $600 million," Hemant Luthra, president (system and technology sector), M&M, said on the sidelines of ACMA annual convention.

He said the company was looking for acquisitions in forgings, design and engineering software solutions to add value to its offerings. "We have six-seven acquisition opportunities and you may see a couple of them in this fiscal. An acquisition would be in forging," Luthra added.