High valuations spoil auto-parts cos' overseas plans

Newswire

By Narayanan Somasundaram MUMBAI, Feb 21 (Reuters) - Indian auto-component makers could see their growth plans stymied by the rising valuations of their western targets, making it difficult to close acquisitions overseas, industry players said. The race by Indian, Chinese and east European auto-parts makers to acquire units has doubled the asking price of target firms to an average seven times their operating profit, and are slowing down deals for Indian firms, they said. "We have been ...

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