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M&M scouts for acquisitions to enhance two-wheeler biz

M&M scouts for acquisitions to enhance two-wheeler biz
PTI
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First Published: Wed, Sep 03 2008. 02 39 PM IST
Updated: Wed, Sep 03 2008. 02 39 PM IST
New Delhi: Mahindra & Mahindra (M&M) said that 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 said on the sidelines of ACMA annual convention.
Goenka said further added that 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. Though, he declined to comment on the kind of budget that has been earmarked for the acquisition activity.
He also said that 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.”
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First Published: Wed, Sep 03 2008. 02 39 PM IST