By Nimesh Shah, CNBC-TV18

Minda Industries is scouting for an overseas acquisition, reports CNBC-TV18, quoting sources. The target company is likely to be in Europe with the deal size seen at around USD 100 million. 

Minda is looking to fund acquisitions via internal accurals and debt, sources said. It may also look to raise funds in the parent company or through one of its subsidiaries.

The management has refused to comment on market speculation.

According to sources, Minda Industries have already initiated talks with one company in UK and due diligence and regulatory approval may take three months. Promoters hold 70% stake in the company.

The company has 3-4 Letter of Intents for a new order of tail light and head lights. It is going to sign a deal with a US-based manufacturer this week for a Rs 250 crore order.

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This information is source-based and has not been provided to the stock exchanges.