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M&M to seal 3 buyouts

By BS Corporate Bureau in Mumbai
March 21, 2006 09:24 IST
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Mahindra & Mahindra (M&M) is close to finalising two acquisitions in Europe and one in the country.

The company would shortly announce the acquisitions, Anand Mahindra, vice-chairman and managing director, said at the sidelines of 16th Asian Corporate Conference organised by Confederation of Indian Industry (CII), said.

He said funds would be not be an issue as raising money was no more a difficult proposition in the country.

"We are also planning to raise foreign currency convertible bonds (FCCBs) for funding acquisitions. The board will shortly meet to finalise the float," Mahindra said.

Mahindra did not divulge whether the acquisitions were in the forgings or auto component segment.  He said the company would launch Scorpio in South Africa soon.

On its tractor business, the M&M chief said he planned to make the company the largest tractor manufacturer and was scouting for acquisitions. 

About the Tractorul bid in Romania which had run into rough weather, Mahindra said that the company was waiting for the requisite approval.

"We are expecting a final decision from European Union Competition Council on writing off the debt of Tractorul," he added.

Meanwhile, the company is also planning to set up its assembly operations for Scorpio in Malaysia this year.

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BS Corporate Bureau in Mumbai
Source: source