After a failed attempt to buy the South Korean SUV maker, Ssangyong Motors, the Kolkata based, Pawan Kumar Ruia has not set its sight on an automotive component company in the Germany region. It has been learned that the deal may go through taking the route of the listed company, Falcon Tyres.

Ruia said that the company is aggressively pushing its acquisition plans and it is very close to the deal. However, Ruia declined to divulge names of the target firms.

It is to be mentioned here that the company is eying these acquisitions with a view to consolidate its position in the automotive space. However, similar to the M&M strategy, the Ruia Group had made a handful of acquisitions in the recent past. It may be noted here that the expansion is expected to help Falcon Tyres in doubling its capacity.

At present, the move is expected to double the capacity of the tyre manufacturer to over 20 lakh units million by September 2011. The company is also coming out with an issue with a view to dilute the promoter holding in the company that currently stands at 85%.