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M&M eyeing design company in Italy

M&M eyeing design company in Italy
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First Published: Wed, Sep 05 2007. 05 50 PM IST
Updated: Wed, Sep 05 2007. 05 50 PM IST
PTI
New Delhi: Automobile maker Mahindra and Mahindra, reportedly interested in acquiring Ford Motor’s top brands Land Rover and Jaguar in Europe, is also looking to buy a design firm in Italy to upgrade its skills.
“The company is looking to acquire a design company in Italy,” Mahindra Group chairman Keshub Mahindra said on the sidelines of the SIAM annual convention here.
“The acquisition is a part of our global strategy to source the best product. We are always in search of this and whenever an opportunity arises we will go for it,” he said, but did not give details on the possible takeover.
The company, which also makes utility vehicles, has been looking for overseas buys to expand its business. It had bought tractor manufacturing assets of China’s Jiangling Tractor Company a couple of years ago, and was also interested in buying a Romanian firm.
In recent days, the company has been reported to be eyeing ailing Ford Motor’s two marquees Jaguar and Land Rover, and is also said to have started due diligence. The company’s bigger Indian rival Tata Motors has already confirmed its interest in the two brands.
Mahindra also said the company’s manufacturing unit in Chennai with French carmaker Renault and Japan’s Nissan would be operational in two years.
The companies had in February agreed to form a joint venture to make cars in the 925-acre Chennai plant at an investment of Rs4,000 crore.
The plant, which would produce models for all three partners, would have a capacity to produce 400,000 cars and utility vehicles, besides power train for Renault and Nissan.
Mahindra also said M&M is developing a special economic zone at Gopalpur, Orissa.
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First Published: Wed, Sep 05 2007. 05 50 PM IST