Financial Daily from THE HINDU group of publications
Sunday, Oct 02, 2005
Financial Daily from THE HINDU group of publications Sunday, Oct 02, 2005 |
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Corporate
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Mergers & Acquisitions M&M plans to acquire two engineering cos Our Bureau
NEW DELHI: Mahindra & Mahindra Ltd is on the verge of acquiring two auto engineering companies, including one overseas, as it seeks to increase its revenue from the auto components business four-fold to $1 billion by 2010. "The acquisitions will be in the engineering services domain. We will be disappointed if the first one doesn't happen within four weeks,'' Mr Hemant Luthra, President of Mahindra Systems and Automotive Technologies (MSAT), said on the sidelines of a press conference held to commemorate the company's 60th anniversary. He did not disclose the likely size of the two acquisitions, but said the first acquisition will double MSAT's revenue from auto engineering services to $30 million per year. M&M's auto components business (including steel, forging, gears and auto engineering services) had generated revenues of $250 million in the last fiscal. "Of the $1-billion revenue we aim to touch by 2010, engineering services should comprise at least $100 million and auto parts the rest,'' Mr Luthra said.
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