M&M plans acquisitions in UK, Europe in IT space: Report

Mumbai-based Indian industrial giant Mahindra and Mahindra plans to make acquisitions in Britain and in Europe to bolster its software and outsourcing business, a report has said.

Anand Mahindra, the group's managing director told 'The Times' that the group was seeking acquisitions to strengthen Mahindra Satyam's access to the European market.

"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," he said.

Mahindra is looking at IT companies specialising in health-care and financial services in Europe, as well as in Australia and New Zealand, where the group is considered underweight.

Mahindra and Mahindra which also makes cars and farm equipment had revenues of 7.7 billion pounds last year.

It employs more than 119,900 people including more than 31,000 in its technology business.

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

John Deere, its American competitor, generates higher sales by value from its line of tractors, the report said.