"We are always looking out for opportunities and we are trying for acquisitions in the European markets in the auto components space," Anand Mahindra, managing director and vice chairman of M&M said on the sidelines of the annual convention of the Society of Indian Automobile Manufacturers (SIAM) in Delhi.

He said the company is still very much in the running for the Romanian government's stake in the Brasov-based tractor manufacturer Tractorul. "The Romanian state authority is reworking on the Tractorul privatisation process and we are waiting to hear from them and are still hopeful of an acquisition," he said.

Mahindra said Russia, Indonesia and Thailand would be key markets for the company.

He said M&M would participate in the Paris auto show at the end of this month. M&M, he said could make a dent in the Spanish market. However, he said, the major markets for the company has been Africa (except South Africa).

The US market, though crucial, is a difficult and more competitive one. Every automobile player who aspires to be there has to do much groundwork, he said.

M&M manufactures general-purpose utility vehicles. It is also into manufacturing tractors and light commercial vehicles, steel manufacturing and trading and is today the tenth largest private sector company in India.

The company has seven state-of-the-art factories and 33 sales offices supported by a network of more than 500 dealers throughout the country, employing over 17,000 technical and non - technical personnel.