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Written by: Staff

Mumbai, Mar 20 (UNI) Indian tractor major Mahindra&Mahindra (M&M) is negotiating on the acquisition of two European companies and discussions are in advanced stages of finalisation, Vice Chairman and Managing Director Anand Mahindra today said.

''We hope to close the deals soon,'' Mr Mahindra told reporters on the sidelines of the 16th Asian Corporate Conference here.

Mr Mahindra also revealed that a few acquisitions of component companies in India were also on the cards.

''This is in line with our strategy to grow inorganically as announced earlier to achieve our aim of becoming a USD 1 billion auto components company,'' he said.

While refusing to divulge any details about the amounts involved, Mr Mahindra said that if M&M found any deal worthwhile and in line with its overall growth plans, ''then funds will not be a constraint. Liquidity is not a problem,'' he emphasised.

The company is also mulling a FCCB raising, the details of which ''will be finalised soon at our board meeting,' he said, adding that the first overseas launch of the 'Scorpio' would take place soon in South Africa which would be followed by a launch in Malaysia.


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