MSAT to acquire German unit soon

By agencies   |   Thursday, 17 November 2005, 08:00 Hrs
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MUMBAI: Mahindra Systems and Automotive Technologies (MSAT), the auto ancillary division of Mahindra and Mahindra Ltd on Thursday said it was looking to acquire a German foundry unit shortly.

"The company is looking at acquiring a German foundry unit soon," MSAT CEO Heman Luthra said.

"It will be an all cash deal. We have signed the term sheet, done the due diligence and going through the last processes," he added.

The company, which has a current turnover of $250 million, is also looking at other acquisitions including an Indian one. "I will be very disappointed if we should not be able to do three acquisitions this fiscal," Luthra said.

Each of these companies will have sales of $ 30-50 million, he said, adding the company was also looking at acquiring an Indian engineering services firm.

Asked on whether the company was looking at bidding for Delphi's assets, Luthra said investment bankers had approached them with offers.

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