After setting its sight on the cash-strapped Korean auto major, Ssangyong Motors, Ruia Group is now trying to get its hands on a European automobile components firm to drive its growth in the future.  

Pawan Ruia, Chairman, Ruia Group recently said that the Group is trying to close a deal very soon in one of the auto component companies in Europe.

In fact, Ruia also pointed out that as lot of companies are up for sale in the European market, the Group is trying to work on some projects.

It is to be mentioned here that it is not the first time that Ruia Group is on an expansion spree via acquisitions as the Group has acquired British auto component company Schlegel Automotive Europe Ltd and Germany's leading automotive sealing systems company, Henniges Automotive Grefarth GmbH, in 2009.

It is to be mentioned here that the businesses are doing well as the Group is doing a business of 4.5 million euro per month in Germany and 2.5 million pounds business in the UK. The company is under the due diligence process for Ssangyong.