cant build autoconf

[SUNIL NEGI]

Hi All,
I am not able to build autoconf on my msys system.

./configure works just fine.

On doing a "make", I get the error:

autom4te_perllibdir='..'/lib AUTOM4TE_CFG='../lib/autom4te.cfg'
../bin/autom4te -B '..'/lib -B '..'/lib         --language M4sh --cache
'' --melt ./autoconf.as -o autoconf.in
The system cannot find the path specified.
autom4te: need GNU m4 1.4 or later: /usr/local/bin/m4.exe
make[2]: *** [autoconf.in] Error 1
make[2]: Leaving directory `/home/snegi1/dlds/autoconf-2.62/bin'
make[1]: *** [all-recursive] Error 1
make[1]: Leaving directory `/home/snegi1/dlds/autoconf-2.62'
make: *** [all] Error 2

m4.exe is a valid file and is in the location /usr/local/bin

I have checked for spaces in path names, but there are none.
Has anyone faced this ?