M&M eyes global acquisition

New Delhi Sep 3 (PTI) Mahindra & Mahindra Wednesday said
it is looking for global alliances and acquisitions to enhance
its two-wheeler business.

"We are open to all possible alliances, which could be
technological partnership or acquisition, to strengthen our
two-wheeler business," M&M President (Automotive) Pawan Goenka
told reporters on the sidelines of ACMA annual convention.

Goenka said, the company is looking in China and South
East Asia for low-end bikes, while in Europe for high-end
bikes.

The alliances and acquisition strategy was part of its
plan to get a head start in the two-wheeler business, he said.

"Kinetic gave us a good starting point....and we are
looking to enhance it further," he said.

Asked what kind of budget has been earmarked for the
acquisition activity, he declined to comment.

He also said the company was in discussions with
Taiwan-based Sanyang Motors, which is an investor in Kinetic
Motors, for technical collaboration.

Goenka said the company's foray into the two-wheeler
segment was part of its strategy to expand its range in
personal transportation. The company already has presence in
utility vehicles, three-wheeler, farm equipment and drugs
segment.

On Mahindra Group's overall sales prospect for the rest
of the year, he said, "We would try to get into the
double-digit growth." PTI BSM