Mahindra eyes European outsourcing market

Mumbai-based Indian industrial major Mahindra and Mahindra (M&M) is all set to make acquisitions in Britain and in Europe with the aim to strengthen its software and outsourcing business, reports News Tonight.

Anand Mahindra, the group's MD, states that M&M group was in quest of acquirements to fortify Mahindra Satyam's access to Europe.

According to The Times of India, M&M is looking at IT companies specialising in healthcare and financial services in Europe, as well as in Australia and New Zealand, where the group is considered underweight.

“IT acquisitions are certainly part of the agenda. My view is that this is an enormously opportune time to look for companies that provide channels to overseas markets,” adds Mahindra.

M&M, which also makes cars and farm equipment, had revenues of 7.7 billion pounds last year, reveals Money Control.

Last year Mahindra sold 154 265 tractors: making it the largest producer by volume in the world.